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Compute the bond issue price as a percentage of face value

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Reference no: EM132815387

On Jan1. 2020. Abbott Corporation sold $3,000,000 of 12 percent, 10-year bonds. On that date the market rate was 11%. Abbot uses Straight line Amortization. Interest is payable annually on Dec. 31.. After the December 31, 2023 interest payment, the bonds were redeemed at a price of 103

Required:

problem 1: Compute the bond issue price as a percentage of the face value of the bonds.

problem 2: Prepare the required journal entries that Abbott must make for the years 2020 through 2023 to record the interest payments.

problem 3: Prepare the required general journal entry to record the redemption of the bonds.

Reference no: EM132815387

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