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On January 1, 2011, Field Company purchased 12% bonds, dated January 1, 2011, with a face amount of $20 million. The bonds mature in 2020 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31.
Question 1: Determine the price of the bonds at January 1, 2011.
Question 2: Prepare the journal entry to record the bond purchase by Field on January 1, 2011.
Question 3: Prepare the journal entry to record interest on June 30, 2011, using the straight-line method. Prepare the journal entry to record interest on December 31, 2011, using the straight-line method.
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