Required Information P10-10 (Algo) Preparing a Bond Amortization Schedule for a Bond Issued at a Premium LO10-5 [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 Cash $ 1,792 ? ? Interest $ 1,661 ? ? 1,640 Amortization $ 131 ? 145 ? Balance $ 32,566 32,435 32,297 ? 32,000
Required Information P10-10 (Algo) Preparing a Bond Amortization Schedule for a Bond Issued at a Premium LO10-5 [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 Cash $ 1,792 ? ? Interest $ 1,661 ? ? 1,640 Amortization $ 131 ? 145 ? Balance $ 32,566 32,435 32,297 ? 32,000
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 13M
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