Discount-Mart issues $18 million in bonds on January 1, 2024. The bonds have a nine-year term...
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Discount-Mart issues $18 million in bonds on January 1, 2024. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Cash Paid Interest Expense Date 01/01/2024 06/30/2024 $1,080,000 $1,133,255 12/31/2024 1,080,000 1,136,983 06/30/2025 1,080,000 1,140,972 12/31/2025 1,080,000 1,145, 240 Increase in Carrying Value $53,255 56,983 60,972 65,240 Carrying Value $16, 189,364 16,242,619 16,299,602 16,360,574 16,425,814 Discount-Mart issues $18 million in bonds on January 1, 2024. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Cash Paid Interest Expense Date 01/01/2024 06/30/2024 $1,080,000 $1,133,255 12/31/2024 1,080,000 1,136,983 06/30/2025 1,080,000 1,140,972 12/31/2025 1,080,000 1,145, 240 Increase in Carrying Value $53,255 56,983 60,972 65,240 Carrying Value $16, 189,364 16,242,619 16,299,602 16,360,574 16,425,814
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Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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