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What is the net book value of bond payable

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Reference no: EM132800876

Question - Company Mogensen issued a 4 year bond on January 1, 2016. The par value was $50,000 and the coupon rate was 10%. Coupon payments are made semi-annually, on June 30 and December 31 of every year.

The market interest rate on January 1, 2016 was 8% and on January 1, 2018 was 10%.

The net book value of the bond on January 1, 2018 was $52,620.

Required -

1) Record the journal entry related to the issuance of this bond, to be recorded on 1/1/2016.

2) Record the journal entry related to the bond, to be recorded on 6/30/2016.

3) Record the journal entry related to the bond, to be recorded on 6/30/2018.

4) What is the net book value of bond payable after the journal entry recorded on 6/30/2018 (i.e., the journal entry recorded in Question 3)?

Reference no: EM132800876

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