Set up schedule of interest expense-discount amortization


Question: Vaughn Company sells 10% bonds having a maturity value of $2,550,000 for $2,366,166. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.

Set up a schedule of interest expense and discount amortization under the straight-line method.

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Accounting Basics: Set up schedule of interest expense-discount amortization
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