Reference no: EM133129626
Question - Cansat, a Crown corporation owned by the government, issued bonds to finance the construction of the next generation of observation satellites. On January 1, 2020, Cansat issued 7%, 15-year bonds with a face value of $232,000,000. The bonds will pay interest semi-annually on June 30 and December 31.
1. Calculate the amount of cash Cansat will receive if the bonds are sold under each of the following bond alternatives:
i. 7% (issued at par)
ii. a price of 95.542 to yield 7.5%
iii. a premium in the amount of $11,020,000 and first interest expense of $7,898,150
2. Prepare the journal entry Cansat would record at the time of the issuance of the bonds under each of the alternatives.
3. Prepare the journal entries to record the first interest expense for the alternatives (i), (ii), and (iii) above.
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