Assume Kristi Corporation issued a 10%, $1M bond due in 5 years. The bond sold on January 2022, to yield 8%. The company pays interest on June 30th and December 31st, semianually. 4% 1) Determine the issue price of the bond. 1,081, OS 2 2) Record the necessary journal entries for 2022 assuming the company's fiscal year end is 12/31. 3) Record the necessary journal entries for 2022 assuming the company's fiscal year end is 10/31.

Assume Kristi Corporation issued a 10%, $1M bond due in 5 years. The bond sold on January 2022, to yield 8%. The company pays interest on June 30th and December 31st, semianually. 4% 1) Determine the issue price of the bond. 1,081, OS 2 2) Record the necessary journal entries for 2022 assuming the company's fiscal year end is 12/31. 3) Record the necessary journal entries for 2022 assuming the company's fiscal year end is 10/31.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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