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vitfil [10]
3 years ago
9

The City of Fairfield issued $100 million of 20-year, 6 percent coupon bonds (3 percent per semiannual period) for $89.32 millio

n. The price reflected a yield of 7 percent (3.5 percent period semiannual period). 1. prepare entries to reflect how to report the following in the city's government-wide statements:
a. the issuance of the bond
b. the first semiannual payment of interest
c. the second semiannual payment of interest

2. prepare entries to account for the same transactions in an appropriate government fund.
Business
1 answer:
Rudik [331]3 years ago
3 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
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icang [17]

Answer:

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Explanation:

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During this period people will want to hold less money because of the decrease in value and the excess money will be deposited in banks.

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Nataly [62]

Answer:

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3 years ago
Read 2 more answers
Monopolist can produce at a constant average​ (and marginal) cost of
ankoles [38]
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8 0
3 years ago
A corporation issued $580000, 10%, 5-year bonds on January 1, 2020 for $626400, which reflects an effective-interest rate of 7%.
ioda

Answer:

The correct answer is option (B).

Explanation:

According to the scenario, the given data are as follows:

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So, we can calculate the amount of bond interest expense by using following formula:

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