(Solution) - Cagney Company sold 200 000 of bonds on December 31 2011 -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Pages: 5 Words: 1375

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Cagney Company sold $200,000 of bonds on December 31, 2011. A portion of the amortization table appears below.

Required:
1. Determine the stated interest rate on these bonds.
2. Calculate the interest expense and the discount amortization for the interest period ending June 30, 2013.
3. Calculate the liability balance shown on a balance sheet after the interest payment is recorded on June 30, 2013.