Stowers research issues bonds dated january 1 2011 that pay

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Reference no: EM13608855

Stowers Research issues bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.

1. The market rate at the date of issuance is 8%

(a) Determine the bonds' issue price on January 1, 2011

(b) Prepare the journal entry to record their issuance.

2. The market rate at the date of issuance is 10%.

Reference no: EM13608855

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