On January 1, 2017, ABC Company issued $20,000,000 of 10-year, 9.5% bonds when t ...

On January 1, 2017, ABC Company issued $20,000,000 of 10-year, 9.5% bonds when the market rate of interest was 10%. Interest is paid semi-annually on June 30 and December 31. Required: 1.Using Excel, compute the price at which the bond was issued. 2.Using Excel and the effective interest method of bond amortization, prepare an amortization table for the entire life of the bond issue. 3.Show all journal entries for January 1, 2017; June 30, 2017; and December 31, 2026.
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