Business, 05.02.2021 21:40 anayamulay

Nash's Industries, Inc. issued $12,000,000 of 8% debentures on May 1, 2020 and received cash totaling $10,647,154. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2025. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%. Calculate the total dollar amount of discount or premium amortization during the first year (5/1/20 through 4/30/21) these bonds were outstanding. (Round answers to 0 decimal places, e. g. 5,275.)
Date Interest
Expense Cash
Interest Discount
Amortized Carrying
Value of Bonds
5/1/20 $
11/1/20 $ $ $
5/1/21
Total $

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Nash's Industries, Inc. issued $12,000,000 of 8% debentures on May 1, 2020 and received cash totalin...

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