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  3. on january 1,2020, coleman corporation issued five

On January 1,2020, Coleman Corporation issued five-year, 2% bonds payable with a face value of...

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Accounting

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On January 1,2020, Coleman Corporation issued five-year, 2% bonds payable with a face value of $3,000,000. The bonds were issued at 86 and pay interest on January 1 and July 1. Cotinenan amortices bond discounts using the straight-line mothod. On December 31, 2022, Coloman retired the bonds early by purchasing them at a market peice of 94 . The corrpany/s facit year ents on December 31. Read the requirements Requirement 1. Joumalize the issuance of the bonds on January 1,2020. (Record dobits first, then credits. Exclude explanations from any joumal entries.) Requirements 1. Journalize the issuance of the bonds on January 1,2020. 2. Record the semiannual interest payment and amortization of bond discount on July 1, 2020. 3. Record the interest accrual and discount amortization on December 31,2020. 4. Calculate the carrying value of the bonds payable on December 31,2022 , prior to their retirement. 5. Calculate the gain or loss on the retirement of the bonds payable on December 31,2022 . Indicate where this gain or loss will appear in the financial statements

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