10 Problem Data 11 12 On January 2, 2014, XYZ Company issued callable bonds at 98.5. Bond details are: 13 14 Face Value of Band issue 15 Coupon Rate 16 Semi-Annual Interest Payment dates 17 Maturity 18 $ 6,500,000 5% January 2 and July 1 January 2, 2028 19 On January 2, 2020, the bonds were called and redemmed at face value plus one year's interest payment. 20 21 Accounts used in XYZ Chart of Accounts: (Discount or Premium) on Bonds Payable (use whichever is applicable) 22 Cash 23 Bonds Payable 24 25 26 27 Assume any discount or premium on Bonds Payable is amortized using the straight-line method. 28 Interest Expense 29 Calculations 90 31 1. What were the proceeds XYZ received from the bond issue, and the journal entry recorded, on January 2, 2014? 32 33 34 35 36 37 38 Face Value 6,500,000 enter data in blue cells Price 325,000 Proceeds enter formalas in yellow cells 29 Journal Entry (you may not need to use every row provided) 40 Account debit. credit enter data in blur cell