Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table...
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Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table for $500,000 of 5 -year, 9.2% bonds issued and sold by Panamint on January 1,2025 , for $445,000 : Required: 1. Prepare the entry to recognize the sale of the bonds on January 1, 2025. If an amount box does not require an entry, leave it blank. 20: 2. Prepare the entry to recognize the first interest payment on June 30,2025 . If an amount box does not require an entry, leave it blank. 2025: 3. Determine the interest expense for these bonds that Panamint will report on its 2027 income statement. $ 4. Indicate how these bonds will appear in Panamint's December 31,2028 , balance sheet
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Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table for $500,000 of 5 -year, 9.2% bonds issued and sold by Panamint on January 1,2025 , for $445,000 : Required: 1. Prepare the entry to recognize the sale of the bonds on January 1, 2025. If an amount box does not require an entry, leave it blank. 20: 2. Prepare the entry to recognize the first interest payment on June 30,2025 . If an amount box does not require an entry, leave it blank. 2025: 3. Determine the interest expense for these bonds that Panamint will report on its 2027 income statement. $ 4. Indicate how these bonds will appear in Panamint's December 31,2028 , balance sheet 