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Gambol Corp. issued $800,000 of 8% bonds on January 1, 2021 due in 10 years and interest payable semiannually each year on 6/30 and 12/31.
Gambol Corp. issued $800,000 of 8% bonds on January 1, 2021 due in 10 years and interest payable semiannually each year on 6/30 and 12/31. Complete the following; be sure to label your answers with A," "B" or "C." Present / future value tables in the "Practice Problems section of blackboard, if needed. Please note this question will need manually graded; scores will be adjusted, as appropriate. A. Compute the selling price of the bond if the market interest rate on the issue date is 9% B. Record the journal entry for the issuance of the bond on January 1, 2021. Be sure to indent credits or label accounts as debit vs. credit. C. Record the journal entry for the first interest payment on June 30, 2021. Be sure to indent credits or label accounts as debit vs. credit
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