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To provide funding for its Accounting Lovers' Center for the development of financial statement understanding...

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Accounting

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To provide funding for its Accounting Lovers' Center for the development of financial statement understanding project, Harris Incorporated issued 5% bonds with a face amount of $750,000 on September 1, 2021. At the time of issuance, the market rate of interest was 7%. The bonds pay interest semiannually on February 28th and August 31st and mature in 5 years. The fiscal year ends Oktober 31st for Harris Development Required: 1. Calculate the selling price of the bonds and prepare an amortization schedule through 8/31/26 (when the bonds mature). Note: You can use excel to prepare the amortization schedule. Record any necessary journal entries on: September 1, 2021 October 31, 2021 February 28, 2022

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