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LEM 5 Billings Corporation issued $20,000,000 of five-year, 11% bonds at an effective interest rate...

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Accounting

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LEM 5 Billings Corporation issued $20,000,000 of five-year, 11% bonds at an effective interest rate of 14%, with interest payable semiannually, receiving cash of $17,892,938. Instructions: (1) Determine the amount of d iscount to be amortized for the first semiannual interest payment period, using the interest method. (Round to the nearest dollar.) (2) Determine the amount of discount to be amortized for the second semi-annual interest payment period, using the interest method. (Round to the nearest dollar.) (3) Determine the amount of bond interest expense for the first year

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