Morgan Plc issued $1,000,000 of the bonds at 8%, 5-year bonds at $924,200. The bonds...
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Accounting
Morgan Plc issued $1,000,000 of the bonds at 8%, 5-year bonds at $924,200. The bonds are issued on 1 July 2019, and Morgan Plc pays interest each 1 July. The market interest rate is 10%.
Required
- Prepare the discount amortization schedule for Morgan Plc.
- Journalise the issuance of the bonds on 1 July 2019.
- Journalise the interest expense, the amortization of the discount on 30 June 2020
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