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Universal Foods issued 12% bonds, dated January 1, with a face amount of $150 million...

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Accounting

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Universal Foods issued 12% bonds, dated January 1, with a face amount of $150 million on January 1, 2024. - The bonds mature on December 31, 2033 (10 years). - The market rate of interest for similar issues was 14%. - Interest is paid semiannually on June 30 and December 31. - Universal uses the straight-line method. Required: 1. Determine the price of the bonds at January 1,2024. 2. to 4. Prepare the journal entries to record their issuance by Universal Foods on January 1,2024, interest on June 30, 2024 and interest on December 31, 2031. Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record their issuance by Universal Foods on January 1, 2024, interest on June 30, 2024 and interest on December 31, 2031. Note: Round your final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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