3 On January 1, 2018, Bishop Company issued 8% bonds dated January 1, 2018, with...
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3 On January 1, 2018, Bishop Company issued 8% bonds dated January 1, 2018, with a face amount of $20.7 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is poid semiannually on June 30 and December 31. (EV of $1. PV of $1. FVA of 51. PVA of $1. EVAD of Stand PVAD of Sl) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to the nearest whole dollar.) Required: 1. Determine the price of the bonds at January 1, 2018 2. Prepare the journal entry to record the bond issuance by Bishop on January 1, 2018 3. Prepare the journal entry to record interest on June 30, 2018, using the effective interest method. 4. Prepare the journal entry to record interest on December 31, 2018, using the effective interest method Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Determine the price of the bonds at January 1, 2018. (Round your answer to 2 decimal places Bond value Required 2 >
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