On January 1, 2015, Piper Co. Issued ten-year bonds with a face valueof $3,000,000 and...
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Accounting
On January 1, 2015, Piper Co. Issued ten-year bonds with a face valueof $3,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
Questions:
1) Calculate the issue of price of the bonds
2) Prepare all journal entries for 2016.
USE THIS EFFECTIVE INTEREST METHOD CHART, THAT CONSIST OF THE FOLLOWING HEADINGS
1- DATE
2- CASH INTEREST
3- INTEREST EXPENSE
4- PREMIUM AMORTIZED
5- UNAMORTIZED PREMIUM
6- BOOK VALUE
PLEASE GIVE CLEAR ANSWERS
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