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Headland Company sells 8% bonds having a maturity value of $2,400,000 for $2,053,950. The bonds...

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Accounting

Headland Company sells 8% bonds having a maturity value of $2,400,000 for $2,053,950. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.

Set up a schedule of interest expense and discount amortization under the effective-interest method.

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