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On march 1 , 2002 Pyne furniture co issued P 700,000 of the 10 percent bonds to yield 8 percent. Interest is payable semiannually on February 28 and August 31. The bonds mature in 10 years. Pyne Furniture Co is a calendar year corporation.
Requirements :
Question a. What is the issue price of the bonds. How did you compute it?
Question b. What is the amortization table through the first two interest periods using effective interest method.
Question c. What are the journal entries to record bond related transaction on March 1, 2002, August 31, 2002, December 31, 2002 and February 28 2003(assume no reversing entries are made)?
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