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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Zooba Company issues 9%, five-year bonds dated January 1, 2011, with a $160,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $166,494. Their annual market rate is 8% on the issue date.
Required
1. Calculate the total bond interest expense over the bonds’ life.
2. Prepare a straight-line amortization table like for the bonds’ life.
3. Prepare the journal entries to record the first two interest payments.
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