Requirements (1) Joumaline the following transactions of Lamore Communication, Inc.(8marks) 2010 Jan 1 Issued $4,000,000...
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Requirements (1) Joumaline the following transactions of Lamore Communication, Inc.(8marks) 2010 Jan 1 Issued $4,000,000 of 7%, 10-year bonds payable when the market rate is 6%, and the price is 4,297,546. Juli Paid semi-annual interest and amortized the bonds by the effective interest method on the 7% bonds payable. Dec 31 Accrued semi-annual interest expense and amortized the bonds by the effective interest method on the 7% bonds payable. 2011 Jan 1 Paid semi-annual interest. 2020 Jan 1 Paid the 7% bonds at maturity. (2) At December 31, 2010, after all year-end adjustments, determine the carrying amount of Lamore Communication bonds payable, net.(2 marks)
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