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Lilo Corp. Issued $100,000,000 face value of bonds at 97.5 on Jan 3, 2016. The...

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Accounting

Lilo Corp. Issued $100,000,000 face value of bonds at 97.5 on Jan 3, 2016. The bonds have a stated interest rate of 6% and are priced for a market rate of 7%. The Bonds pay semiannual interest on July 1 and January 1.

1) Give the jounral entries to record the issuance of the bond

2) Give the jounral entries for July 1st 2016

3) Give the journal entry(ies) for Dec 31, 2016

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