On March 1, 2020, Quinto Mining Inc. issued a $660,000, 12%, three-year bond. Interest is payable semiannually beginning September 1, 2020.RequiredPart 1a. Calculate the bond issue price assuming a market interest rate of 11% on the date of issue.b. Using the effective interest method, prepare an amortization schedule.c. Record the entries for the issuance of the bond on March 1, the adjusting entry to accrue bond interest and related amortization on April 30, 2020, Quinto’s year-end, and the payment of interest on September 1, 2020.Part 2a. Calculate the bond issue price assuming a market interest rate of 13% on the date of issue.b. Using the effective interest method, prepare an amortization schedule.c. Record the entries for the issuance of the bond on March 1; the adjusting entry to accrue bond interest and related amortization on April 30, 2020, Quinto’s year-end; and the payment of interest on September 1, 2020.d. Record the entries for the retirement of 30% of the bonds at 102, on September 1, 2020, after the interest payment.

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