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fill in the DR and CR for the journal entries The Bradford Company issued 10% bonds, dated January 1, with a face amount of $93
fill in the DR and CR for the journal entries
The Bradford Company issued 10% bonds, dated January 1, with a face amount of $93 million on January 1, 2016. The bonds mature on December 31, 2025 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the table provided.) Required: 1 Determine the price of the bonds at January 1, 2016. (Enter your answers whole dollars.) Prepare the journal entry to record their issuance by The Bradford Company on January 1, 2016, interest on June 30, 2016 and interest on December 31, 2016 (at the effective rate). (Enter your answers in whole dollars. If no journal entry is required for a transaction, select "No journal entry required" in the first account field.)Step by Step Solution
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