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Prepare the journal entries to record their issuance

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Reference no: EM133022195

Question - The Bradford Company issued 10% bonds, dated January 1, with a face amount of $88 million on January 1, 2021. The bonds mature on December 31, 2030 (10 years). For bonds of similar risk and maturity, the market yield is 14%. Interest is paid semiannually on June 30 and December 31.

Required -

1. Determine the price of the bonds at January 1, 2021.

2. Prepare the journal entries to record their issuance by The Bradford Company on January 1, 2021, interest on June 30, 2021 and interest on December 31, 2021 (at the effective rate).

Reference no: EM133022195

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