Business, 23.09.2020 20:01 lorenzo1beaton
Universal Foods issued 10% bonds, dated January 1, with a face amount of $170 million on January 1, 2018. The bonds mature on December 31, 2027 (10 years). The market rate of interest for similar issues was 12%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method.
Required:
A. Determine the price of the bonds at January 1, 2013. (Enter your answer in whole dollars.)
B. Prepare the journal entry to record their issuance by Universal Foods on January 1, 2013. (Enter your answers in whole dollars. If no entry is required for a transaction, select "No journal entry required" in the first account field.)
C. Prepare the journal entry to record interest on June 30, 2013. (Enter your answers in whole dollars. If no entry is required for a transaction, select "No journal entry required" in the first account field.)
D. Prepare the journal entry to record interest on December 31, 2020.(Enter your answers in whole dollars. If no entry is required for a transaction, select "No journal entry required" in the first account field.)
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Universal Foods issued 10% bonds, dated January 1, with a face amount of $170 million on January 1,...
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