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Briar Industries sold its 5% bonds with a maturity value of $4,000,000 on January 1st
Required:
Question 1. Determine the present value of the bond and provide the journal entry to record the issue of the bond on January 1st, 2019.
Question 2. In the final analysis, how much was the gain or loss experienced by Briar in reacquiring its 5% bonds? Provide the journal entries to retire the bond on July 1st, 2020. Show all calculations.
Question 3. What is the carrying value of the bond, as it would appear on the balance sheet, at December 31, 2017?
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