June 30, 2021, the market interest rate is 9%. Ramsey Corporation issues $550,000 of 12%, 20-year bonds

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June 30, 2021, the market interest rate is 9%. Ramsey Corporation issues $550,000 of 12%, 20-year bonds payable. The bonds pay interest on June 30 and December 31. The company amortizes bond premium using the effective-interest method. Requirements 1. Use the PV function in Excel to calculate the issue price of the bonds. 2. Prepare a bond amortization table for the term of the bonds using Excel. 3. Record the issuance of bonds payable on June 30, 2021; the payment of interest on December 31, 2021; and the payment of interest on June 30, 2022

Posted Date: May 18, 2024 11:10 PM

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June 30, 2021, the market interest rate is 9%. Ramsey Corporation issues $550,000 of 12%, 20-year bonds

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