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solution required ASAP Bonds: Effective-interest discount amortization (L.0.2,5) Morris Manufacturing issued $100,000 of 4 -year, 11% bonds on January 1 , 19X2. The bonds pay

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solution required ASAP

Bonds: Effective-interest discount amortization (L.0.2,5) Morris Manufacturing issued $100,000 of 4 -year, 11% bonds on January 1 , 19X2. The bonds pay interest semiannually on June 30 and December 31 and were priced to generate an effective yield of 12% to investors. The bonds were sold for $96,895. Instructions a Prepare the journal entry necessary on lanuary l to record issuance of the bonds. b Assuming that Morris uses the effective-interest method of amortization, prepare the following: (1) A discount amortization schedule similar in format to Exhibit 17-5. Round calculations to the nearest dollar. (2) Compound journal entries to record semiannual interest payments and discount amortization for the first year the bonds are outstanding. c Present the proper disclosure of the company's bonds on the December 31,19X3, balance sheet

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