Question
2. On January 1, 2022, Kings & Queens Inc. issued a $1,000,000 Bond for $864,100. The Bond has a Stated Rate of interest at 6%
2. On January 1, 2022, Kings & Queens Inc. issued a $1,000,000 Bond for $864,100. The Bond has a Stated Rate of interest at 6% and matures in 10 years paying interest semi-annually. The Market Rate of interest rose to 8% at the time of the Bond Issue. Prepare three journal entries on the following dates:
g) Assuming the Straight Line Method, what is the Carrying Value of the Bond as of December 31st 2022?
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Cornerstones of Managerial Accounting
Authors: Mowen, Hansen, Heitger
3rd Edition
324660138, 978-0324660135
