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Baseline inc. Issued 10-year bonds for 3,000,000 on December 31, 2017. They have a coupon rate of 4% and pay interest twice a year on june 30 and December 31. The bonds were issued for at 1.033343 to yield 3.6%. Baseline uses the effective interest method to amortize any premium or discount.
Required:
Problem A) calculate the issue price of the bonds. Round amount to the nearest dollar.
Problem B) prepare the bond amortization table for the first three interest periods.
Problem C) provide the journal entry to issue the bonds.
Problem D) provide the journal entries for the first two intrest payments.
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