FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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E9-23 (Static) Computing the Issue Price of a Bond with Analysis of Net Earnings and Cash Flow Effects
LO9-3, 9-8
Imal Company issued a $1 million bond that matures in five years. The bond has a 9 percent coupon rate. When the bond was issued.
the market interest rate was 8 percent. The bond pays interest twice per year on June 30 and December 31. Use Table 8C1. Table
80.2
Required:
1. Record the issuance of the bond on June 30. (Round time value factor to 4 decimal places. Enter your answer 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 journal entry required in the first account field.)
View transaction list
Journal entry worksheet
<
Record the issuance of bond on June 30th.
Note: Enter debits before credits.
Date
Jun 30
Record entry
General Journal
Clear entry
O Discount
Premium
Debit
2. Was the bond issued at a discount or at a premium?
Credit
View general journal
expand button
Transcribed Image Text:E9-23 (Static) Computing the Issue Price of a Bond with Analysis of Net Earnings and Cash Flow Effects LO9-3, 9-8 Imal Company issued a $1 million bond that matures in five years. The bond has a 9 percent coupon rate. When the bond was issued. the market interest rate was 8 percent. The bond pays interest twice per year on June 30 and December 31. Use Table 8C1. Table 80.2 Required: 1. Record the issuance of the bond on June 30. (Round time value factor to 4 decimal places. Enter your answer 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 journal entry required in the first account field.) View transaction list Journal entry worksheet < Record the issuance of bond on June 30th. Note: Enter debits before credits. Date Jun 30 Record entry General Journal Clear entry O Discount Premium Debit 2. Was the bond issued at a discount or at a premium? Credit View general journal
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