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On January 1, 2020, Indigo Corporation issued a series of 100 convertible bonds, maturing in 5 years. The face amount of each bond was $500. Indigo received $50,800 for the bond issue. The bonds paid interest every December 31 at 4%; the market interest rate for bonds with a comparable level of risk was 3.80%. The bonds were convertible to common shares at a rate of 8 common shares per bond. Indigo amortized bond premiums and discounts using the effective interest method, and the company's year-end was December 31.
Problem 1: Prepare a required journal entries to record the above transactions (Hint: don't forget to accrue interest and amortize the premium on the bond at year-end)
Use the modified duration to find the approximate percentage change in the bond's price. Find the new price of the bond from this calculation.
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