Business, 02.03.2020 23:18 danbat3023

Federal Semiconductors issued 9% bonds, dated January 1, with a face amount of $700 million on January 1, 2016. The bonds sold for $639, 946, 335 and mature on December 31, 2035 (20 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Prepare the journal entry to record their issuance by Federal on January 1, 2016, interest on June 31. 2016 (at the effective rate) and interest on December 31, 2016 (at the effective rate). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) Record the issuance of the bond on January 1, 2016. At what amount will Federal report the bonds among its liabilities in the December 31, 2016, balance sheet?

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Federal Semiconductors issued 9% bonds, dated January 1, with a face amount of $700 million on Janua...

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