In: Accounting
On January 1, 2018,
Splash City issues $470,000 of 9% bonds, due in 20 years, with
interest payable semiannually on June 30 and December 31 each
year.
Assuming the market interest rate on the issue date is 10%, the
bonds will issue at $429,678.
2. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018
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