Exercise 7-13 Two complete accounting cycles: Bonds issued at face value IThe foNowinginformatlan apples to the questans dspayed belowi Chapman Company issued $400,000 of 20-year 6 percent bonds on January 1. 2014. The bonds were lssued at face value Interest is payable in cash on December 31 of each year Chapman immediately invested the proceeds from the bond Issue in land. The land was leased for an annual $60,000 of cash revenue which was collected on December 31 of each year begnnlng December 31, 2014. References Exercise 713 Two complete accounting Section Break cycles Bonds issued at face value with ennuo 7