(Answered) Question - preparing a debt payment schedule with

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Question - Preparing a Debt Payment Schedule with Effective-Interest Method of Amortization and Determining Reported Amounts

Hermenegildo Industries issued a $20,000, three-year, five percent bond on January 1, 2014. The bond interest is paid each December 31. The bond was sold to yield four percent.

Required:

1. Complete a bond amortization schedule. Use the effective-interest method.

2. What amounts will be reported on the income statement and balance sheet at the end of 2014, 2015, and 2016?

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