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Valdez issues $ 450,000 of 13%, four year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $ 493,608, and their market rate is 10% at the issue date.Required:
1. Prepare the January 1, 2013, journal entry to record the bonds issuance. 2. Determine the total bond interest expense to be recognized over the bonds life. 3. Prepare an effective interest amortization table like the one in Exhibit 14B.2 for the bonds first two years. 4. Prepare the journal entries to record the first two interest payments. 5. Prepare the journal entry to record the bonds retirement on January 1, 2015, at 106. Analysis Component:6. Assume that the market rate on January 1, 2013, is 14% instead of 10%. Without presenting numbers, describe how this change affects the amounts reported on Valdezs financial statements.
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The Chief Operating Officer where you work does not understand why the company should waste their time in preparing the statement of cash flows. He wants to have a better understanding of this financial statement and asks you to do the following:
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