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On January 1, 2021, Darnell Window and Pane issued $19.5 million of 10-year, zero-coupon bonds for $6,867,597. (FV of $1, PV of $1, FVA of
On January 1, 2021, Darnell Window and Pane issued $19.5 million of 10-year, zero-coupon bonds for $6,867,597. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 2. Determine the effective rate of interest. 1. & 3. to 5. Prepare the necessary journal entries. Complete this question by entering your answers in the tabs below. Interest rate General Journal Determine the effective rate of interest. Interest rate % Interest rate General Journal > Journal entry worksheet Record the issuance of the bonds. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet Record annual interest expense at December 31, 2021. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Interest rate Cenere Jolina Journal entry worksheet Record annual interest expense at December 31, 2022. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 Record entry Clear entry View general journal View transaction list Journal entry worksheet
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