On january 2 2014 oxnard inc issues 1000000 4 year 5 bonds, Financial Accounting

On january 2 2014 oxnard inc issues 1000000 4 year 5 bonds

On January 2, 2014, Oxnard Inc. issues $1,000,000 4 year, 5% bonds, interest payable semi-annually. The market rate at that time for comparable instruments was 6%.

a) Prepare the journal entry for the issuance of the bond.

b) Prepare the journal entry for the first and second interest payments using the effective-interest rate method.

c) What is the carrying value of the bond on December 31, 2017?

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Financial Accounting: On january 2 2014 oxnard inc issues 1000000 4 year 5 bonds

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Financial Accounting: On january 2 2014 oxnard inc issues 1000000 4 year 5 bonds

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