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Prepare journal entry to record the issuance of the bond

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Question - Pharoah issued $420,000 of 5%, 5-year bonds on January 1, 2021. Interest is payable semi-annually.

Calculate the price of the bond: (a) 4%, (b) 5%, and (c) 6%.

Prepare the journal entry to record the issuance of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%.

Reference no: EM132740605

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