(Answered) Problemon july 1 20xx habib corporation issued bonds with a

Accounting

Problem

On July 1, 20xx, Habib Corporation issued bonds with a face value of $500,000. The bonds carry a face interest rate of 10 percent that is payable each July 1 and January 1.

a. Prepare the entry in journal form for the issuance assuming the bonds are issued at 97.

b. Prepare the entry in journal form for the issuance assuming the bonds are issued at 102.

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