Oriole Industries, Inc. issued $17,700,000 of 8% debentures on May 1, 2020 and received cash totaling $15,704,552. 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.) DateInterestExpenseCashInterestDiscountAmortizedCarryingValue of Bonds5/1/20 $ 11/1/20$ $ $ 5/1/21 Total $
Oriole Industries, Inc. issued $17,700,000 of 8% debentures on May 1, 2020 and received cash totaling $15,704,552. 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
5/1/20
$
11/1/20
$
$
$
5/1/21
Total
$
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