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On January 1, 2016, Darnell Window and Pane issued $20.0 million of 10-year, zero-coupon bonds for $7,710,866. (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 bond issue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar.)

2. Determine the effective rate of interest.

3. Record annual interest expense at December 31, 2016.

4. Record annual interest expense at December 31, 2017.

5. Record the payment at the bonds' maturity.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92048438

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