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Compute for the initial carrying amount of the bonds

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Reference no: EM132731381

Question - On April 1, 20x1, an entity issues bonds with face amount of 5,000,000 for 5,415,183 including accrued interest. The bonds are dated January 1, 20x1 and pay annual interest of 14% every December 31. The effective interest rate is 12%.

Requirements -

a. Compute for the initial carrying amount of the bonds.

b. Provide the entry on April 1, 20x1 to record the issuance of the bonds.

c. Compute for the interest expense in 20x1.

Reference no: EM132731381

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