Question Details

(Solution Download) The Bradford Company issued 8% bonds, dated January 1, with a face amount of $75 million on January


 

 

 

 

 

 

 

The Bradford Company issued 8% bonds, dated January 1, with a

 

face amount of $75 million on January 1, 2013 to Saxton-Bose

 

Corporation. The bonds mature on December 31, 2022 (10 years). For

 

bonds of similar risk and maturity, the market yield is 10%.

 

Interest is paid semiannually on June 30 and December 31. (FV of

 

$1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

 

(Use appropriate factor(s) from the tables

 

provided.):

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Required:

1.

 

Prepare the journal entry to record the purchase of the bonds by

 

Saxton-Bose on January 1, 2013.(Enter your answers in whole

 

dollars. If no entry is required for a transaction, select "No

 

journal entry required" in the first account field.)

 

 

        

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

Prepare the journal entry to record interest revenue on June 30,

 

2013 (at the effective rate). (Enter your answers in whole

 

dollars. If no entry is required for a transaction, select "No

 

journal entry required" in the first account field.)

 

 

     

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

Prepare the journal entry to record interest revenue on December

 

31, 2013 (at the effective rate). (Enter your answers in

 

whole dollars. If no entry is required for a transaction, select

 

"No journal entry required" in the first account

 

field.)

 

 

      

 


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