A company issued 10%,5-year bonds with a par value of $2,000,000,on January 1.Interest is to be paid semiannually each June 30 and December 31.The bonds were sold at $2,162,290 based on an annual market rate of 8%.The company uses the effective interest method of amortization.
(1)Prepare an amortization table for the first two semiannual payment periods using the format shown below.
(2)Prepare the journal entry to record the first semiannual interest payment.
Definitions:
Environmental Conditions
The various physical and biological factors that affect individuals and communities' living and working environments.
College Students
Individuals enrolled in an institution of higher education aiming to achieve degrees or certifications.
External Validity
The capacity for the conclusions of a study to be relevant in other circumstances and among different groups of people.
Stereotypical Assumption
A generalized and oversimplified belief about a particular group or type of individuals.
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