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on march 1 201x leffer corporation issued 280 000 of 12 5 year bonds for 301 650 yie 4240401

On March 1, 201X, Leffer Corporation issued $280,000 of 12%, 5-year bonds for $301,650, yielding a market rate of 10%. Interest is paid on September 1 and March 1. Leffer Corporation uses the interest method to amortize the premium.1. Prepare an amortization schedule for the first three semiannual periods.2. Prepare journal entries to record the following:a. Bond issue on March 1.b. Semiannual interest payment and amortization of premium on September 1.c. The year-end adjusting entry to record expense and premium amortization.View Solution:
On March 1 201X Leffer Corporation issued 280 000 of 12

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