On January 1, 2014, Trueman Corporation issued ($ 700,000) of 20 -year, (11 %) bonds for ($
Question:
On January 1, 2014, Trueman Corporation issued \(\$ 700,000\) of 20 -year, \(11 \%\) bonds for \(\$ 647,338\), yielding a market (yield) rate of \(12 \%\). Interest is payable semiannually on June 30 and December 31.
a. Confirm the bond issue price.
b. Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest navment and discount amortization on June 302014 and (3) semiannual interest Payment.
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Related Book For 
Financial And Managerial Accounting For MBAs
ISBN: 9781618533593
6th Edition
Authors: Peter D. Easton
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