Question: please show work need help understanding the math part. i know the accounts On January 1, 2019, Gates Corporation issued $100,000 of 5-year bonds due
On January 1, 2019, Gates Corporation issued $100,000 of 5-year bonds due December 31, 2023, for 5103,604.78 minus bond issue costs of $3,000. The bonds carry stated rate of interest of 13% payable annually on December 31 and were issued to yield 12%. The company uses the effective interest method of amortization to amorze any discounts or premiums and the straight-line method to amortize the debt issuance costs Required: Prepare the journal entries to record the issuance of the bonds, all the interest payments premium amortizations, dessuance cost amortizations, and the repayment of the bonds. In addition, prepare a bond interest expense and premium amortization schedule for the bonds
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