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For the Following question step 1: please show how you get the price of bonds? Then for step 2; Prepare tge journal entries 1.Record the
For the Following question step 1: please show how you get the price of bonds? Then for step 2; Prepare tge journal entries 1.Record the issuance of the bond on January 01,2021. 2. Record Interest on June 30,2021 3. Record the Interest on December 31,2028. show all work Exercise 14-7 (Algo) Determine the price of bonds; issuance; straight-line method [LO14-2] Universal Foods issued 8% bonds, dated January 1, with a face amount of $100 million on January 1, 2021. The bonds mature on December 31,2035 (15 years). The market rate of interest for similar issues was 10%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. (FV of S1. PV of S1. EVA of S1. PVA of \$1. EVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1,2021 , interest on June 30,2021 and interest on December 31,2028 Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1, 2021, (Round finat anewers to the nearest whole dollars.) Journal entry worksheet Record the issuance of the bond on January 1, 2021. Notet Enter debits before credits. Journal entry worksheet Journal entry worksheet Note: Enter debits before credits
For the Following question step 1: please show how you get the price of bonds?
Then for step 2; Prepare tge journal entries
1.Record the issuance of the bond on January 01,2021.
2. Record Interest on June 30,2021
3. Record the Interest on December 31,2028.
show all work
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