A Partial Amortization….
Presented below is a partial amortization schedule for Premium Foods:
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Cash Paid |
Interest Expense |
Decrease in Carrying Value |
Carrying Value |
| $ 85,956 | ||||
| 1 | $ 2,800 | $ 2,582 | $ 218 | 85,738 |
| 2 | 2,800 | 2,572 | 228 | 85,510 |
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1. Record the bond issue assuming the face value of bonds payable is $80,000. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
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2. Record the first interest payment. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
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