Reference no: EM132315605
Question
On January ?1, Jonas Company issued $100,000 par? value, 4%?, 55?-year bonds? (i.e., there were 100100 of $1,000 par value bonds in the? issue).
Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1. Jonas paid $4,000 in underwriting fees.
Determine the issue price of the bonds with a 6% market rate of interest and prepare the journal entry to record the bond issue.
Determine the issue price of the bonds. ?(Use the present value and future value? tables, the formula? method, a financial? calculator, or a spreadsheet for your calculations.
If using present and future value tables or the formula? method, use factor amounts rounded to five decimal? places, X.XXXXX. Round your final answers to the nearest whole? dollar.)
The issue price of the bonds is $
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