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Exercise 14-5 The yellow cells in column F will indicate whether the amount is correct for Discount on Bonds Payable. Show your work below for
Exercise 14-5 The yellow cells in column F will indicate whether the amount is correct for Discount on Bonds Payable. Show your work below for calculating the amounts in each joumal entry. Myriad Solutions, Inc. issued 12% bonds, dated January 1, with a face amount of $440,000,000 on January 1, 2021, for $393, 386,664. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity the market yield is 14% Interest is paid semiannually on June 30 and December 31. Prepare the necessary journal entries on the dates shown below. Issuance Date Account Debit Credit 1/1/21 Discount on Bonds Payable Debit Credit Interest expense Date Account 6/30/21 Discount on Bonds Payable Debit Credit Interest expense Date Account 12/31/21 Discount on Bonds Payable [i
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