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What figures will be reported for this bond in gijulka year

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Problem -

On January 1, Year One, Gijulka Corporation offers to issue a $100,000 bond coming due in exactly ten years. This bond pays a stated cash interest rate of 6 percent per year on December 31. A buyer is found. After some negotiations, the parties agree on an effective annual yield rate of 7 percent. Consequently, the bond is issued for $92,974. The effective rate method is applied.

What figures will be reported for this bond in Gijulka's Year One financial statements?

What figures will be reported for this bond in Gijulka's Year Two financial statements?

Reference no: EM131563667

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