Marquee co issued 4000000 of 12 bonds on april 1 2013 due, Ask an Expert

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Marquee Co issued $4,000,000 of 12% bonds on April 1, 2013, due on April 1, 2018. The interest is to be paid twice a year on April 1 and October 1. The bonds were sold to yeild 10% effective annual interest. Marquee Co closes its books annually on December 31.

A. Calculate the issuing price of the bonds.

B. Prepare the journal entried for 2013 using the effective-interest method.

C. Compute the interest expense to be reported in the income statement for the year ended, December 31, 2013.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92682949

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