Question: On January 1 2 0 2 4 , The Ryder Company issued $ 4 8 0 , 0 0 0 ( face - value )

On January 12024, The Ryder Company issued $480,000(face- value) of eight year bonds at $540,294 to yield an effective annual interest rate of 6%. The stated (face) annual interest rate is 8% and interest will be paid semiannually on June 30 and December 31. The Ryder Company uses the effective interest methos to amortize bond discounts or premiums. Required: a) prepared journal enteries to record the issuance of the bonds on 1/1/24. b) prepare a bond premium amortization schedule for the first 2 years of the bond life using the effective interest method. c) Prepare journal entries required on June 30 and December 31,2024 d) On January 1,2026, the company redeemed all $480,000(face value) of the bonds at $504,000. Prepare the journal enteries to record the bond redemption.

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