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Analyzing and Reporting Financial Statement Effects of Bond Transactions On January 1 of the...

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Accounting

Analyzing and Reporting Financial Statement Effects of Bond Transactions
On January 1 of the current year, Trueman Corporation issued $300,000 of 20-year, 11% bonds for $277,431, yielding a market (yield) rate of 12%. Interest is payable semiannually on
June 30 and December 31.
(a) Confirm the bond issue price.
Round answers to the nearest whole number.
(b) Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest payment and discount amortization on June 30, and (3) semiannual interest
payment and discount amortization on December 31 of the current year.
Round answers to the nearest whole number. Use negative signs with answers, when appropriate.
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