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On 1st January, Rare Bird ltd. purchased 12 percent bonds dated 1st January, with a face amount of $20 million. The bonds mature in 2022 (10 years). For bonds similar risk and maturity, the market yield is 10 percent. Interest is paid semiannually on June 30 and 31st December. Required. 1) evaluate the price of the bonds at January 1 2) Fill the journal entry to record the bond purchase by Rare Bird on January 1 3) Fill the journal entry to record interest on 30th June, using the effective interest method. 4) prepare journal entry to record interest on 31st December, using the efficient interest method.
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Calculate the firm tax on its operating earnings only find the tax as well as the after tax amount attributable to the interest income from zig manufacturing bonds
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