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Question: A bond matures in 2020 and has an annual coupon of 3.65 percent, payable on January 1 and July 1. The current price of the $1,000 bond is $978. On January 30, you purchase $10,000 face amount (settlement date is February 2) and your broker charged a $25 commission. How much must you remit for the purchase? Question: Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,447,990. Prepare the January 1, 2013, journal entry to record the bonds issuance.

Question: A bond matures in 2020 and has an annual coupon of 3.65 percent, payable on January 1 and July 1. The current price of the $1,000 bond is $978. On January 30, you purchase $10,000 face amount (settlement date is February 2) and your broker charged a $25 commission. How much must you remit for the purchase? Question: Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,447,990. Prepare the January 1, 2013, journal entry to record the bonds issuance.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question: A bond matures in 2020 and has an annual coupon of 3.65 percent, payable on January 1 and July 1. The current price of the $1,000 bond is $978. On January 30, you purchase $10,000 face amount (settlement date is February 2) and your broker charged a $25 commission. How much must you remit for the purchase? Question: Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,447,990. Prepare the January 1, 2013, journal entry to record the bonds issuance.
Transcribed Image Text:Question: A bond matures in 2020 and has an annual coupon of 3.65 percent, payable on January 1 and July 1. The current price of the $1,000 bond is $978. On January 30, you purchase $10,000 face amount (settlement date is February 2) and your broker charged a $25 commission. How much must you remit for the purchase? Question: Hillside issues $2,000,000 of 6%, 15-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,447,990. Prepare the January 1, 2013, journal entry to record the bonds issuance.
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