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Financial statement effects of bond transactions

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Analyzing and Reporting Financial Statement Effects of Bond Transactions 

On January 1, 2014, Trueman Corporation issued $700,000 of 20-year, 11% bonds for $647,338, yielding a market (yield) rate of 12%. Interest is payable semiannually on June 30 and December 31. 

(a) Confirm the bond issue price. (Use a financial calculator or Excel to compute. Round answers to the nearest whole number.)

Present value of principal repayment =$Answer
Present value of interest payments =$Answer
Selling price of bonds =$ 647,338


(b) Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest payment and discount amortization on June 30, 2014, and (3) semiannual interest payment and discount amortization on December 31, 2014. (Round answers to the nearest whole number.)

(1) Answer   Answer   Answer   Answer   Answer  
(2) Answer   Answer   Answer 0.00 points out of 1.00   Answer   Answer  
(3) Answer   Answer   Answer   Answer   Answer  
Answer   Answer   Answer
Answer   Answer   Answer
Answer   Answer   Answer

Reference no: EM13891519

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Financial statement effects of bond transactions : Analyzing and Reporting Financial Statement Effects of Bond Transactions On January 1, 2014, Trueman Corporation issued $700,000 of 20-year, 11% bonds for $647,338, yielding a market (yield) rate of 12%. Interest is payable semiannually on June 30 an..
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