(Answered) Question on january 1 2011 kidman enterprises issues bonds

Accounting

Question: On January 1, 2011, Kidman Enterprises issues bonds that have a $1,700,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds are sold at par.

1. How much interest will Kidman pay (in cash) to the bondholders every six months?

2. Prepare journal entries to record

(a) the issuance of bonds on January 1, 2011;

(b) the first interest payment on June 30, 2011; and

3. Prepare the journal entry for issuance assuming the bonds are issued at

(a) 98 and

(b) 102.

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