Business, 15.04.2021 17:00, malak3782

Exercise 14-13 (Algo) Issuance of bonds; effective interest [LO14-2] Federal Semiconductors issued 8% bonds, dated January 1, with a face amount of $790 million on January 1, 2021. The bonds sold for $717,314,628 and mature on December 31, 2040 (20 years). For bonds of similar risk and maturity the market yield was 9%. Interest is paid semiannually on June 30 and December 31. Required: 1. to 3. Prepare the journal entries to record their issuance by Federal on January 1, 2021, interest on June 30, 2021 (at the effective rate) and interest on December 31, 2021 (at the effective rate). 4. At what amount will Federal report the bonds among its liabilities in the December 31, 2021, balance sheet

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Exercise 14-13 (Algo) Issuance of bonds; effective interest [LO14-2] Federal Semiconductors issued 8...