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Determine interest at the effective rate and record interest

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On January 1, 2019, the Meade Group issued $8,000,000 of 11% bonds, dated January 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in four years. The market yield for bonds of similar risk and maturity is 10%.

Question 1: Determine the price these bonds sold for to yield the 10% market rate and record their issuance by the Meade Group.

Question 2: Help understanding an amortization schedule that determines interest at the effective rate and record interest on the first interest date, June 30, 2019.

Reference no: EM132463745

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