On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest
Question:
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
Required:
Assuming the market interest rate on the issue date is 9%, the bonds will issue at $500,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021.
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Related Book For 
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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