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The Bradford Company issued 10% bonds, dated January 1 , with a face amount of $80 million on January 1,2024 to Saxton-Bose Corporation. - The
The Bradford Company issued 10% bonds, dated January 1 , with a face amount of $80 million on January 1,2024 to Saxton-Bose Corporation. - The bonds mature on December 31, 2033 (10 years). - For bonds of similar risk and maturity, the market yield is 12%. - Interest is paid semiannually on June 30 and December 31. Required: 1. to 3. Prepare the journal entries to record the purchase of the bonds by Saxton-Bose on January 1, 2024, interest revenue on June 30,2024 and interest revenue on December 31, 2024 (at the effective rate). Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Note: Use tables, Excel, or a financial calculator. (EV of $1,PV of $1, EVA of $1, PVA of $1, EVAD of $1 and PVAD of 30, 2024 and interest revenue on December 31,2024 (at the effective rate). Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Note: Use tables, Excel, or a financial calculator. (EV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of $1)
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