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National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January 1, 2013. The bonds mature on December 31, 2016 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Determine the price of bonds at January 1, 2013. Prepare the journal entry to record issuance by National on January 1, 2013. Prepare an amoritization schedule that determines interest at the effective rate each period. Prepare the journal entry to record interest on June 30, 2013. Prepare the appropriate journal entries at maturity on December 31,2016

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9983751

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