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Harrison Harrison
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4 years ago
On January 1, 2013, JetNew, issued $1,000,000 face value, 5-year bonds with a stated rate of 5% at an effective rate of 4% which brought in $1,044,913. Interest is paid semi-annually on July 1 and December 31. JetNew uses the effective-interest method of amortization.

Prepare the amortization table for the first 3 payment periods.
Textbook 

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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AlexmosutheAlexmosuthe
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4 years ago
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Semi Annual   Interest   Interest   Prem Amort   Prem   Carrying
Interest Date    Payment   Expense   Amount   Balance   Amount
Jan 1   2013            44,913   1,044,913
Jul 1   2013   $25,000   $20,898   $4,102   40,811   1,040,811
Dec 31   2013   $25,000   $20,816   $4,184   36,627   1,036,627
Jul 1   2014   $25,000   $20,733   $4,267   32,360   1,032,360
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