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Determine the market price of a $3,000,000, 5-year, 6% (pays interest quarterly) bond. At the time...

Determine the market price of a $3,000,000, 5-year, 6% (pays interest quarterly) bond. At the time of issuance, the market interest rate for similar financial instrument is 8%.

Required:
a) Compute the selling price of the bond (round to nearest dollar)
b) Record the journal entry upon issuance of the

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Expert Solution

ekkarill92 answered 1 year ago
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