Question: On January 1 , 2 0 2 3 , Corp. issued two corporate bonds. The first bond was a 5 - year bond with a

On January 1,2023, Corp. issued two corporate bonds. The first bond was a 5-year
bond with a face value of $100,000 and a stated interest rate of 4%. The second bond was a 7-year bond with a face value of $50,000 and a stated interest rate of 6%. Both bonds pay
interest annually. On January 1,2023, the market interest rate for bonds of a similar risk
level was 5%.
Calculate the total cash Company received from the issuance of these two bonds and
prepare the journal entries Company would have recorded on January 1,2023

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