Question: Bond Practice Problem: On July 1, 2017, Phineas Corp issued bonds with a face value of $500,000 and a stated rate of 12%. The bonds

Bond Practice Problem: On July 1, 2017, Phineas Corp issued bonds

Bond Practice Problem: On July 1, 2017, Phineas Corp issued bonds with a face value of $500,000 and a stated rate of 12%. The bonds pay out interest annually on June 30 and will mature 5-years after issuance. The market rate on the date of issuance was 10%. Calculate the initial selling price of the bonds and record the July 1st journal entry for the issuance of the bonds. (If you need present value tables they can be found in your

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