Business, 26.11.2020 23:10 Tyrant4life
On January 1, 2017, Boston Enterprises issues bonds that have a $3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds are sold at par.
Required:
1. How much interest will Boston pay (in cash) to the bondholders every six months?
2. Prepare journal entries to record (a) the issuance of bonds on January 1, 2017: (b) the first interest payment on June 30, 2017; and (c) the second interest payment on December 31, 2017 3.
3. Prepare the journal entry for issuance assuming the bonds are issued at (a) 98 and (b) 102.
Answers: 1
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