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On January 1, 2015, Linju Corp. issued $600,000 of 20-year, 11% bonds for ??, yielding a market rate of 12%. Interest is payable semi-annually on June 30 and December 31.
a. Calculate the bond price to the nearest whole number.
b. Prepare journal entries to record the bond issuance, semi-annual interest and discount amortization on June 30, 2015, and on December 31, 2015. (It might be helpful to construct the amortization table for 2015).
c. Suppose Liniu elected to report these bonds in its financial statements at fair value. On December 31, 2015, these bonds were listed in the bond market at a price of 101. What entry is required to adjust the reported value of these bonds to fair value?
d. How much is charged to the I/S for 2015?
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