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In each of the following independent cases, the company closes its books on December 31. Use the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year end. Assume that no reversing entries were made. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is partially correct. Ivanhoe Co. sells $402,000 of 13% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2026. The bonds yield 15%. Provide entries through December 31, 2024. Construct an amortization table (Hint: Refer to Chapter 3 for tips on calculating and use the calculations from the financial calculator for the journal entries.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971.

In each of the following independent cases, the company closes its books on December 31. Use the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year end. Assume that no reversing entries were made. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is partially correct. Ivanhoe Co. sells $402,000 of 13% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2026. The bonds yield 15%. Provide entries through December 31, 2024. Construct an amortization table (Hint: Refer to Chapter 3 for tips on calculating and use the calculations from the financial calculator for the journal entries.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971.

FINANCIAL ACCOUNTING
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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In each of the following independent cases, the company closes its books on December 31. Use the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year end. Assume that no reversing entries were made. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is partially correct. Ivanhoe Co. sells $402,000 of 13% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2026. The bonds yield 15%. Provide entries through December 31, 2024. Construct an amortization table (Hint: Refer to Chapter 3 for tips on calculating and use the calculations from the financial calculator for the journal entries.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971.
Transcribed Image Text:In each of the following independent cases, the company closes its books on December 31. Use the effective interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year end. Assume that no reversing entries were made. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is partially correct. Ivanhoe Co. sells $402,000 of 13% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2026. The bonds yield 15%. Provide entries through December 31, 2024. Construct an amortization table (Hint: Refer to Chapter 3 for tips on calculating and use the calculations from the financial calculator for the journal entries.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places e.g. 58,971.
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