=+EX 14-5 Entries for issuing bonds obj. 3 On the first day of its fiscal year, Robbins
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=+EX 14-5 Entries for issuing bonds obj. 3 On the first day of its fiscal year, Robbins Company issued $50,000,000 of five-year, 8%
bonds to finance its operations of producing and selling home improvement products.
Interest is payable semiannually. The bonds were issued at an effective interest rate of 11%, resulting in Robbins Company receiving cash of $44,346,760.
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