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K On January 1, 2018, Concord Inc. issued $4,800,000 par value, 5%, 5-year bonds. Interest is payable semiannually each January 1 and July 1
K On January 1, 2018, Concord Inc. issued $4,800,000 par value, 5%, 5-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 2018. The market rate of interest on the date of the bond issue was 12%. Requirements a. Determine the issue price of the debt. b. Prepare the amortization table for the bond issue through January 1, 2021, assuming that the effective interest rate method of amortization is used. Prepare the journal entries to record the bond issue and the first interest entry. Assume that the company uses a premium or discount account if needed. C. (C Fut
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