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Determine issue price of the bonds for orange aviation co

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Reference no: EM132988347

Orange and Blue Aviation Company issued 10% bonds, dated January 1, with a face amount of $1,200,000 on January 1, 2021. The bonds mature on December 31, 2029. Interest is paid semiannually on June 30 and December 31. The market rate of interest is 12%.

Problem 1: Determine the issue price of the bonds and record the journal entry for the issuance of the bonds on January 1, 2021.

Reference no: EM132988347

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