Watson amp holmes sports inc issued some 5-year 6 mortgage, Ask an Expert

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Watson & Holmes Sports, Inc. issued some 5-year 6% mortgage bonds with a face amount of $5,000,000 to finance a state of the art batting cage and sushi bar. The bonds are to pay interest annually. The bonds are issued on January 1, 2004 and will mature on December 31, 2008. The bonds were purchased by investors to yield 4%. The bond issue cost is $90,000. The carrying amount of the bonds at issuance is $___________.

Required: Amortization Table-Total Amortization

1. Entries on date of issuance-Jan 1, 2004

2. Entries on December 31, 2005

3. Entries on December 31,

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797570

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