Calculating and recording bonds when stated rate and market rate are different [15-20 min]
On January 1, 2012, Ginsberg, Corp., issued $400,000 of 7.375%, five-year bonds payable when the market interest rate was 8%. Ginsberg pays interest annually at year-end. The issue price of the bonds was $390,018.
Requirement
1. Create a spreasheet model to measure interest and bond discount amortization based on the table.
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