Brin Company issues bonds with a par value of $700,000. The bonds mature in 6 years and pay 6% annual interest in semiannualpayments. The annual market rate for the bonds is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) fromthe tables provided.)1. Compute the price of the bonds as of their issue date.2. Prepare the journal entry to record the bonds' issuance.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the journal entry to record the bonds' issuance. (Round intermediate calculations to the nearest dollar amount.)View transaction listJournal entry worksheet1>Record the issuance of the bonds for cash.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journal Brin Company issues bonds with a par value of $700,000. The bonds mature in 6 years and pay 6% annual interest in semiannualpayments. The annual market rate for the bonds is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) fromthe tables provided.)1. Compute the price of the bonds as of their issue date.2. Prepare the journal entry to record the bonds' issuance.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the price of the bonds as of their issue date. (Round all table values to 4 decimal places, and use the rounded tablevalues in calculations. Round intermediate calculations to the nearest dollar amount.)Table Values are Based on:n =i =Cash FlowTable ValueAmountPresent ValuePar (maturity) valueInterest (annuity)Price of bonds< Required 1Required 2 >

A journal entry is a type of accounting entry that is used to record a business transaction in a…

Brin Company issues bonds with a par value of $700,000. The bonds mature in 6 years and pay 6% annual interest in semiannual payments. The annual market rate for the bonds is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) 1. Compute the price of the bonds as of their issue date. 2. Prepare the journal entry to record the bonds' issuance. Complete this question by entering your answers in the tabs below. Required 1 Required 2

Brin Company issues bonds with a par value of $700,000. The bonds mature in 6 years and pay 6% annual interest in semiannual payments. The annual market rate for the bonds is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) 1. Compute the price of the bonds as of their issue date. 2. Prepare the journal entry to record the bonds' issuance. Complete this question by entering your answers in the tabs below. Required 1 Required 2

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.3E: Issue Price The following terms relate to independent bond issues: 500 bonds; $1,000 face value; 8%...

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