Question: Universal Foods issued 10% bonds, dated January one, with a face amount of 150 million dollars on January 1st 2016. do Bonds mature on December

Universal Foods issued 10% bonds, dated January one, with a face amount of 150 million dollars on January 1st 2016. do Bonds mature on December 31st 2030. the market rate of interest for similar issues with 12%. Interest is paid semi-annually on June 30th and December 31st. Universal uses the straight-line method.

1. determine the price of the bond. January 1, 2016. 2. prepare the journal entry to record the issuance by Universal Foods on January 1st 2016 3. prepare the journal entry to record interest on June 30th 2016 4. prepare the journal entry to record interest on December 31st 2023

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