Question: On January 1 , 2 0 2 4 , Instaform, Inc., issued 8 % bonds with a face amount of $ 1 0 0 million,

On January 1,2024, Instaform, Inc., issued 8% bonds with a face amount of $100 million, dated'January 1. The bonds mature in 2038(15 years). The market yield'for bonds of similar risk and maturity is 11%. Interest is paid semiannually.
Required:
Determine the price of the bonds at January 1,2024, and prepare the journal entry to record their issuance by Instaform.
Assume the market rate was 6%. Determine the price of the bonds at January 1,2024, and prepare the journal entry to record their issuance by Instaform.
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.
On January 1 , 2 0 2 4 , Instaform, Inc., issued

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