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Nathan Renick, Inc. issued $1,000,000 of 15%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 14%,
Nathan Renick, Inc. issued $1,000,000 of 15%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 14%, and the bonds pay interest semiannually. (Click the icon to view Present Value of $1 table.) (Click the icon to view Future Value of $1 table.) Read the requirements. (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) 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 Requirements 1. 2. How much cash did the company receive upon issuance of the bonds payable? (Round to the nearest dollar.) Prepare an amortization table for the bond using the effective-interest method, through the first two interest payments. (Round to the nearest dollar.) 3. Journalize the issuance of the bonds on January 1, 2018, and the first and second payments of the semiannual interest amount and amortization of the bonds on June 30, 2018, and December 31, 2018. Explanations are not required. Print Done
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