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MUST SHOW ALL WORK 1. Estonia, Inc. issued $5,000,000 of 5 year bonds, paying 6% interest annually. The bonds sold at 103. a. What is

MUST SHOW ALL WORK

1. Estonia, Inc. issued $5,000,000 of 5 year bonds, paying 6% interest annually. The bonds sold at 103.

a. What is the present value of the bond?

b. Record the journal entry for the issuance of the bond

c. Record the journal entry for the first interest payment on the bond.

d. Record the journal entry for the repayment at the end of the term of the bond.

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