FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Imai Company issued a $1.185 million bond that matures in five years. The bond has a 6 percent coupon rate. When the bond was issued, the market rate was 4 percent. The bond pays interest twice per year, on June 30 and December 31. Use Table 9C.1, Table 9C.2.
Required:
1. Record the issuance of the bond on June 30. (Round time value factor to 4 decimal places. Enter your answers in dollars not in millions. Round intermediate and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No
General Entry
Debit - Cash
Credit- Bond payable
What are the amounts for the general entry?
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