Reference no: EM133141679
Question - On January 1, 20X0, Russell Johnson PLC, issued bonds to finance the purchase of a new machine. The face value of the bonds is $10,000,000 with a stated interest rate of 7%. The market rate at issuance of the bond is 6%. The term of the bonds is 4 years. Interest is paid annually on December 31.
Were the bonds be issued at par, at a discount, or at a premium?
What was be the issuance price of the bonds?
Calculate the amount of interest expense that recognized in the second year, 20X1:
At the end of the second year, due to favorable changes in interest rates, Russell Johnson settles the bonds for the face value, paying $10 million to retire the bonds. Will a gain or loss be recognized upon settlement?
Continuing from the above problem, what will be the amount of the gain or loss? Enter a positive number for a gain, a negative number for a loss, 0 if there is no gain or loss recognized.
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