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Prepare the journal entry to record their issuance

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Question - Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2016. The bonds mature on December 31, 2030 (15 years). The market rate of interest for similar issues was 12%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method.

Prepare the journal entry to record their issuance by Universal Foods on January 1, 2016, interest on June 30, 2016 and interest on December 31, 2023.

Reference no: EM132051114

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