Prepare the journal entry to record the interest payment and the amortization for 2022

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2020, Swifty Company sold 11% bonds having a maturity value of $700,000 for $726,535, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Swifty Company allocates interest and unamortized discount or premium on the effective-interest basis.

Prepare the journal entry to record the interest payment and the amortization for 2022

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