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Prepare the journal entry that would record the issuance

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Reference no: EM132815593

Problem - Queen Energy Inc. issued bonds on January 1, 2020, that pay interest semi-annually on June 30 and December 31. The par value of the bonds is $270,000, the annual contract rate is 10%, and the bonds mature in 10 years.

Required -

a. For each of these three situations, determine the issue price of the bonds.

b. For each of these three situations, prepare the journal entry that would record the issuance, assuming the market interest rate at the date of issuance was (1) 6%, (2) 10%, (3) 14%.

Reference no: EM132815593

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