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Jon Spelman, Inc. issued $100,000 of 15%, 10-year bonds payable on January 1, 2024. The market interest rate at the date of issuance was 14%,
Jon Spelman, Inc. issued $100,000 of 15%, 10-year bonds payable on January 1, 2024. The market interest rate at the date of issuance was 14%, and the bonds pay interest semiannually. 3 (Click the icon to view Present Value of $1 table.) ( Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Read the requirements. Requirement 1. How much cash did the company receive upon issuance of the bonds payable? (Round to the nearest dollar.) (Use the factor tables provided with factors rounded to three decimal places. Round all currency amounts to the nearest dollar.) Upon issuance of the bonds payable, the company received mortization table for bond using effective-interest method, through first in est payments. (Round the nearest Requirement 2. Prepare an dollar.) Interest Carrying Cash Paid Expense Amortized Amount 01/01/2024 06/30/2024 12/31/2024 Requirement 3. Journalize the issuance of the bonds on January 1, 2024, and the first and second payments of the semiannual interest amount and amortization of the bonds on June 30, 2024, and December 31, 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by journalizing the issuance of the bonds on January 1, 2024. (Prepare a single compound entry.)
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