On January 1, 20XX, Cisco Corporation issued a $600,000, 9%, 5-year bond for $576,834. The bonds were sold to yield an effective interest rate of 10%. Interest is paid semiannual on June 30 and...

On January 1, 20XX, Cisco Corporation issued a $600,000, 9%, 5-year bond for $576,834.

The bonds were sold to yield an effective interest rate of 10%.

Interest is paid semiannual on June 30 and December 31.

The company uses the effective interest method of amortization.

Instructions: prepare a bond amortization schedule, that shows the first three interest payment dates and prepare the journal entries for January 1, June 30 and December 31.

Jun 02, 2022

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On January 1, 20XX, Cisco Corporation issued a $600,000, 9%, 5-year bond for $576,834. The bonds were sold to yield an effective interest rate of 10%. Interest is paid semiannual on June 30 and...

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