Multiple Choice 7-3 During 2016, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of cocoa beans at $1.00 per pound, delivery to be made in the spring of 2017. Because a record harvest is predicted for 2017, the price per pound for cocoa beans had fallen to $0.80 by December 31, 2016. Of the following journal entries, the one that would properly reflect in 2016 the effect of the commitment of R Corp. to purchase the 100,000 pounds of cocoa is: DATE 1 Dec. 31 Inventory 2 Accounts Payable ACCOUNT TITLE PAGE 1 GENERAL JOURNAL POST. REF. DEBIT CREDIT 100,000.00 100,000.00 Determining the Proceeds from Bond Issues Madison Corporation is authorized to issue $500,000 of 5-year bonds dated June 30, 2016, with a stated rate of interest of 11%. Interest on the bonds is payable semiannually, and the bonds are sold on June 30, 2016. Required: Determine the proceeds that the company will receive if it sells the following: (Click here to access the tables to use with this exercise and round your answers to two decimal places, if necessary.) 1. The bonds to yield 12% 2. The bonds to yield 10%