Question: Page 1 1 2 3 Question 12 (8 points) James Bond Limited issued $1 million of 10-year, 5% bonds on January 1, Year 1, when

Page 1 1 2 3 Question 12 (8 points) James Bond

Page 1 1 2 3 Question 12 (8 points) James Bond Limited issued $1 million of 10-year, 5% bonds on January 1, Year 1, when the market interest rate was 6%. James Bond received $925,617 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. James Bond has a June 30 year end. 4. 5 Page 2 6 7 9 10 Required: 1. Record the issue of the bonds on January 1, Year 1. 2. Record the interest expense on June 30, Year 1. 3. Record the payment of interest on July 1, Year 1. 4. What is the Carrying Value of the Bonds Payable on June 30, Year 1? Be sure to show your work to enable part marks. Page 3: 11 12 13 Format 15 14 BIU Page 4: 16 17 19 EO 3 h Add a File Record Audio Record Video

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