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Prepare the journal entry to record the acquisition of bond

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On January 1, 2017, Braun Limited has purchased a $1,000,000, 10%, 10-year bond to yield 12% with interest paid on June 30 and December 31 of each year. The bond has been designated FV-NI.

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Problem a. Prepare the journal entry to record the acquisition of the bond on January 1, 2017. Show details of all calculations.

Reference no: EM132767013

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