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QUESTION NO. 2: MANDATORYDOPTIONAL/BOH (6 POINTS) X Corporation on January 1, 2020, issues $100,000 (100 bond @ $1000 face value) of 12% bonds due

QUESTION NO. 2: MANDATORYDOPTIONAL/BOH (6 POINTS) X Corporation on January 1, 2020, issues $100,000 (100 bond @ $1000 face value) of 12% bonds due in 5 years with interest payable semiannually July 1, and Dec 31. The current market rate of interest for bonds of similar risk is 7% Instructions: 1. What will the buyers pay for this bond issue? 2. Record the journal entry 3. Record the adjusting entry on December 31, 2020 Assume that X uses the SLM for amortization.

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