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On January 1st, 2005 Borrower Limited sold a 10% semi-annual (June 30th, December 31st), four year, $100 million bond when bonds of equivalent risk and maturity were yielding 8% annually. On January 1st, 2007, when annual market yields for bonds with a two year remaining life were 12%, Borrower retired the entire bond at market value. To finance this retirement Borrower issued a new bond with an annual yield rate of 12%, payable semi-annually. Borrower is a company whose shares are actively traded on the Toronto Stock Exchange. ->Ignore semi-annual. Only annual will be tested.
Problem a. Prepare the journal entry to record the issuance of the bond on January 1st, 2005.
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