Please do not give solution in image format thanku Concord Co. sells $451,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date ofthe bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021.Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortizepremium or discount on interest dates and at year-end. (Round answers to O decimal places, e.g. 38,548.)Date3/1/209/1/203/1/219/1/213/1/229/1/223/1/239/1/23$CashPaid$Schedule of Bond Discount AmortizationEffective-Interest MethodBonds Sold to YieldInterestExpense$DiscountAmortized$CarryingAmount ofBonds Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries weremade.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places eg. 58,971. Ifno entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indentedwhen amount is entered. Do not indent manually.)Date3/1/213/1/20Account Titles and ExplanationDebitCredit

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Concord Co. sells $451,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.)

Concord Co. sells $451,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please do not give solution in image format thanku

Concord Co. sells $451,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of
the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021.
Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize
premium or discount on interest dates and at year-end. (Round answers to O decimal places, e.g. 38,548.)
Date
3/1/20
9/1/20
3/1/21
9/1/21
3/1/22
9/1/22
3/1/23
9/1/23
$
Cash
Paid
$
Schedule of Bond Discount Amortization
Effective-Interest Method
Bonds Sold to Yield
Interest
Expense
$
Discount
Amortized
$
Carrying
Amount of
Bonds

Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were
made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places eg. 58,971. If
no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date
3/1/21
3/1/20
Account Titles and Explanation
Debit
Credit

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