Sunland Ltd. issued $385,000 of 5%, 5-year bonds on January 1, 2024. Interest is payable semi-annually. Calculate the price of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to 0 decimal places, e.g. 5,275.) Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (a) Market interest rate 4% (b) Market interest rate 5% (c) Market interest rate 6% $ $ $ 4 Prepare the journal entry to record the issuance of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (List all debit entries before credit entries. Credit accou

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Sunland Ltd. issued $385,000 of 5%, 5-year bonds on January 1, 2024. Interest is payable semi-annually.
Calculate the price of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (For calculation purposes, use 5
decimal places as displayed in the factor table provided. Round final answers to 0 decimal places, e.g. 5,275.)
Click here to view the factor table. Present Value of 1
Click here to view the factor table. Present Value of an Annuity of 1
(a) Market interest rate 4%
(b) Market interest rate 5%
(c) Market interest rate 6%
$
$
S
Prepare the journal entry to record the issuance of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (List all
debit entries before credit entries, Credit account titles are automatical
Transcribed Image Text:Sunland Ltd. issued $385,000 of 5%, 5-year bonds on January 1, 2024. Interest is payable semi-annually. Calculate the price of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to 0 decimal places, e.g. 5,275.) Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (a) Market interest rate 4% (b) Market interest rate 5% (c) Market interest rate 6% $ $ S Prepare the journal entry to record the issuance of the bond assuming the market rate of interest is: (a) 4%, (b) 5%, and (c) 6%. (List all debit entries before credit entries, Credit account titles are automatical
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