On january 1 of this year, houston company issued a bond with a face value of $10,000 and a coupon rate of 5 percent. the bond matures in three years and pays interest every december 31. when the bond was issued, the annual market rate of interest was 4 percent. houston uses the effective-interest amortization method.
required:
1. complete a bond amortization schedule for all three years of the bond’s life.
2. what amounts will be reported on the income statement and balance sheet at the end of year 1 and year 2?
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On january 1 of this year, houston company issued a bond with a face value of $10,000 and a coupon r...
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