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(Solved by Expert Tutors) On January 1, 2009, Crocker Company purchased


On January 1, 2009, Crocker Company purchased 5% bonds, having a maturity value of

$500,000, for $425,000. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2009, and mature January 1, 2019, with interest receivable June 30 and December 31 of each year. Crocker Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.

Instructions

(a)

Prepare the journal entry at the date of the bond purchase.

(b)

Prepare the first 3 years of a bond amortization schedule.

(c)

Prepare the journal entry to record the interest received and the amortization for June 30 and December 31, 2009.


 


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DATE ANSWERED

Apr 19, 2020

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