Business, 16.04.2021 02:00 isabellemdeakin

Mitchell Inc. issued 60, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1, and January 1, and were issued to yield 7%. The bonds mature January 1, 2023, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest dollar. b. Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates. 1. January 1, 2020, bond issuance. 2. July 1, 2020, interest payment. 3. December 31, 2020, interest accrual. 4. January 1, 2021, interest payment.

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Mitchell Inc. issued 60, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannual...