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Hi All, Can someone please please check my last journal entry, i can't seem to get my numbers right. Thanks The Bradford Company issued 12%

image text in transcribedHi All, Can someone please please check my last journal entry, i can't seem to get my numbers right. Thanks

The Bradford Company issued 12% bonds, dated January 1, with a face amount of $99 milion on January 1, 2016. The bonds mature on December 31, 2025 (10 years). For bonds of similar risk and maturity, the market yield is 14%. 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 tables provided.) Required: 1. Determine the price of the bonds at January 1, 2016. (Enter your answers whole dollars.) Answer is complete and correct Table values are based on: 20 7.0% Cash Flow Amount Present Value 62,928,419 5,940,000 Interest 25,583,580 99,000,000 Principal 88,511,999 Price of bonds 2. to 4. 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.) Answer is not complete Date General Journal Debit 88,511,999 January 01, 2016 Cash 10,488,001 Discount on bonds payable Bonds payable 6,195,840 June 30, 2016 Interest expense Discount on bonds payable Cash 12,391,680X December 31, 2016 terest expense Discount on bonds payable Cash 99,000,000 255,840 5,940,000 11,880,000X

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