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Stowers Research issues bonds dated jan. 1, 05 that pay interest semiannually on June 30 and Dec. 31. The bonds have a 20,000 par value, an annual contract rate of 10%, and mature in 10 years.
Required
(a) determine the bonds' issue price on Jan. 1, 05 and (b) prepare the journal entry to record their issuance.
1. Market rate at the date of issuance is 8%.
2. ......... is 10%
3. ........................................ is 12%.
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