Cornerstone Exercise Bonds Issued at a Discount (Effective Interest)
Refer to the information for Sicily Corporation above.
Required:
Prepare the journal entries for December 31, 2020 and 2021.
Use the following information for Cornerstone Exercises 9-33 and 9-34:
Crafty Corporation issued 5475,000 of 5%, 7-year bonds on January 1, 2020, for $448,484. Interest is paid annually on December 31. The market rate of interest is 6%.
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