QUESTION 6 Nouf Stores exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming that the exchange has commercial substance, Nouf would record land-new at and record a gain(loss) of Land Gain $105,000 SO $105,000 $10,000 $95,000 $0 $95,000 $10,000 . B. C D. OAA OBC C.B D.D E 14-3 The Bradford Company issued 10% bonds, dated January 1, with a principal amount of $80 million on January 1, Determine the price 2012. The bonds mature in 2021 (10 years). For bonds of similar risk and maturity, the market yield is 12% of bonds; issuance: Interest is paid semiannually on June 30 and December 31. effective interest Required: LO2 1. Determine the price of the bonds at January 1, 2012, 2. Prepare the journal entry to record their issuance by The Bradford Company on January 1, 2012 3. Prepare the journal entry to record interest on June 30, 2012 (at the effective rute). 4. Prepare the journal entry to record interest on December 31, 2012 at the effective rate)