Question: Problem 5 R Company issues 4 year, 10% bonds at a face value of $300,000. The market rate of interest when the bonds were issued

Problem 5 R Company issues 4 year, 10% bonds at a

Problem 5 R Company issues 4 year, 10% bonds at a face value of $300,000. The market rate of interest when the bonds were issued on Jan 1, X1 was 8%. The bonds pay interest semi-annually on July 1 and Dec 31. Required: a. Prepare the bond amortization schedule for the first 2 years of the bonds. b. Prepare journal entries for the first two years of the bonds. c. The bonds are retired on Dec. 31 of X2. Prepare the journal entry to record the bond retirement

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