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Calculate the proceeds on issuance of the bonds

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Reference no: EM132492857

Sawada Insurance Ltd. issues bonds with a face value of $100 million that mature in 12 years. The bonds carry a 7.2% interest rate and are sold at 114.79 to yield 5.5%. They pay interest semi-annually.

Question 1: Calculate the proceeds on issuance of the bonds, and show the journal entry to record the issuance.

Reference no: EM132492857

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