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A company issued 10-year bonds with a par value of $20,000,000 and an 8% annual face on January 1, 2014. The market rate on similar bonds is 9%. The coupon payments are paid out semi-annually.
Required:
a) Determine the issue price of the bonds
b) Record the journal entries for the bond issuance
c) Set up the amortization schedule for the 'bond discount' with whole dollar amounts (round decimal places). Note: this will result in amortization of an amount that is slightly different than the discount calculated above.
d) Record the journal entries for the first coupon payment on July 1, 2014.
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