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Prepare the journal entry to record their issuance

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Question

The Hans Company issued 10% bonds, dated January 1, 2019 with a face amount of $8 million. The bonds mature on December 31, 2028 (10 years).

For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30th and December 31st.

Required:

1. Determine the price of the bonds at January 1, 2019

2. Prepare the journal entry to record their issuance on January 1, 2019

3. Prepare the journal entry to record interest on June 30, 2019 (at the effective rate)

4. Prepare the journal entry to record interest on December 31, 2019 (at the effective rate)

Reference no: EM132317540

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