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Sleep Well, Inc. is authorized to issue 9%, 10-year bonds payable. On January 1, 2021,...

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Accounting

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Sleep Well, Inc. is authorized to issue 9%, 10-year bonds payable. On January 1, 2021, when the market interest rate is 10%, the company issues $500,000 of the bonds. The bonds pay interest semiannually on January 1 and July 1 with the first payment due July 1, 2021. The company uses a calendar fiscal year. Requirements 1. How much cash did the company receive upon issuance of the bonds payable? (Round to the nearest dollar.) 1 2. Prepare an amortization table for the bond using the effective interest method, through the first three interest payments. (Round to the nearest do 3. Journalize the issuance of the bonds on January 1, 2021, and all required entries through and including December 31, 2023. Explanations are not required

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