Tamarisk Company sells 9% bonds having a maturity value of $5,700,000 for $6,420,314. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Set up a schedule of interest expense and premium amortization under the straight-line method. (Round answers to 0 decimal places, e.g. 38,548) tar 2020 1,2020 1,2021 1,2022 1,2023 1,2024 $ Interest Payable 0 513,000 513,000 513,000 513,000 $13,000 $ Schedule of Premium Amortization Straight-Line Method Interest Expense 0 Premium Amortized 0 1000 $ Carrying Amount of Bonds 6,420,31 U

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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.