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Prepare all required journal entries for 2013. Mardi Gras, Inc. sells masks. On January 1, 2013 the first day of its fiscal year, Mardi Gras,
Prepare all required journal entries for 2013.
Mardi Gras, Inc. sells masks. On January 1, 2013 the first day of its fiscal year, Mardi Gras, Inc. issued $45,000 of eight-year, 3% bonds when the market rate was 2%, with interest payable semiannually, on June 30 and December 31. The company uses the effective interest rate method to amortize bond discounts and premiums Calculate the proceeds from the sale of the bonds (selling price) and write your answer on the line provided. Use the present value tables posted in our course D2L shell with the CH14 materials to make the calculation. (Use the numbers exactly as they appear in the table.) Round to the nearest whole dollar when necessary. You must show your work for any credit to be awarded. Prepare all required journal entries for 2013Step by Step Solution
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