Question: CHAPTER 14 Bonds and Long-Term Notes 839 Problems Connect ACCOUNTING An alternate exercise and problem set is available in the Connect library. P 14-1 on

CHAPTER 14 Bonds and Long-Term Notes 839 Problems Connect ACCOUNTING An alternate exercise and problem set is available in the Connect library. P 14-1 on January 1, 2016, Instaform, Inc., issued 10% bonds with a face amount of s50 million, dated January 1. The Determining the bonds mature in 2035 (20 years). The market yield for bonds of similar risk and maturity is 12%. Interest is paid price of bonds semiannually. discount and Required premium issuer l. Determine the price of the bonds at January 1, 2016, and prepare the journal entry to record their issuance by and investor Instaform. L014-2 2. Assume the market rate was 9%. Determine the price of the bonds at January 1, 2016, and prepare the journal entry to record their issuance by Instaform. 3. Assume Broadcourt Electronics purchased the entire issue in a private placement of the bonds. Using the data in requirement 2, prepare the journal entry to record the purchase by Broadcourt

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