Windsor Co. is building a new hockey arena at a cost of $2,310,000. It received a nonpayment of $490,000 from local businesses to support the project, and now needs to borrow $1,820,000 to complete the project. It therefore decides to issue $1,820,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 11%.

Prepare a bond amortization schedule up to and including January1, 2023, using the effective interest method.

Answer rating: 100% (QA)

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