Mathematics, 21.11.2020 01:00 ethanmel21
On January 1, 2012, Instaform Company issued 10% bonds with a principal amount of $ 50 million, dated January 1. The bonds mature in 2031 (20 years). The market yield for bonds of similar risk and maturity is 12% Interest is paid semiannually.
Required:
1. Determine the price of the bonds at January 1, 2012, and prepare the journal entry to record their issuance by Instaform.
2. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2012, and prepare the journal entry to record their issuance by Instaform.
3. Assume Broadcourt Electronics purchased the entire issue in a private placement the bonds. Using the data in requirement 2. prepare the journal entry to record their purchase by broadcourt
Answers: 3
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On January 1, 2012, Instaform Company issued 10% bonds with a principal amount of $ 50 million, date...
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