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On November 1, 2010, Janine Company sold directly to underwriters at a lump sum price, $1,000 face value, 9% serial bonds dated November 1, 2010, at an effective annual interest rate (yield) of 11%. A total of 25% of these serial bonds are due on November 1, 2012, a total of 35% on November 1, 2013, and a total of 40% on November 1, 2014. Interest is payable semiannually and the first interest payment date is May 1, 2011. Janine uses the interest method of amortization and incurred bond issue costs in preparing and selling the bond issue.Required:1. How does the company determine the market price of the serial bonds?2. How does the company present all items related to the serial bonds, except for bond issue costs, in a balance sheet prepared immediately after it sold the serial bond issue?3. How does the company determine the amount of interest expense for the serial bonds for 2010?
The revenue principle states that revenue should be recognized at a point when:
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