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averyeverdeen01
14.05.2021 •
Business
On January 1, 2021, for $17.9 million, Seashells Company issued 8% bonds, dated January 1, 2021, with a face amount of $19.9 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. The journal entry to record interest on June 30, 2021, would include:
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Ответ:
Cash A/cDr. $796,000
Discount A/c Dr. $99,000
To, Interest Revenue 895,000
Explanation:
According to the scenario, computation of the given data are as follows,
Face value = $19.9 million
Issued bond rate = 8% annually or 4% semi annual
So, Cash = $19,900,000 × 4%
= $796,000
Issued bonds value = $17.9 million
Market yield = 10% annual or 5% semi annual
So, Interest revenue = $17,900,000 × 5%
= $895,000
So, Journal entries are as follows,
Jun.30,2021 Cash A/cDr. $796,000
Discount A/c Dr. $99,000
To, Interest Revenue 895,000
(Being interest revenue on June30 is recorded)
Ответ:
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hope this helps
brainliest??