Ike issues $160,000 of 13%, three-year bonds dated January 1, 2017, that pay interest semiannually...
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Accounting
Ike issues $160,000 of 13%, three-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. They are issued at $163,940. Their market rate is 12% at the issue date.
Make journal entries for:
- Record the issue of bonds with a par value of $160,000 cash on January 1, 2017 at an issue price of $163,940.
- Record the retirement of the bonds on January 1, 2019 at 98.
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