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On December 31, 2013, Sayers Nissan issued $3 million of 10-year, 10% debentures. The market interest rate at issuance was 12%. Interest payments are semi-annual. 1. Compute the proceeds from the issuance and prepare the journal entry to record the issuance. 2. Prepare the journal entries to record the first two semiannual interest payments, including any bond discount or premium amortization. 3. Prepare the journal entry to record payment at the maturity date. 4. Show how the bond-related accounts would appear on the balance sheets as of December 31, 2013, and June 30, 2014.

On December 31, 2013, Sayers Nissan issued $3 million of 10-year, 10% debentures. The market interest rate at issuance was 12%. Interest payments are semi-annual.

1. Compute the proceeds from the issuance and prepare the journal entry to record the issuance.

2. Prepare the journal entries to record the first two semiannual interest payments, including any bond discount or premium amortization.

3. Prepare the journal entry to record payment at the maturity date.

4. Show how the bond-related accounts would appear on the balance sheets as of December 31, 2013, and June 30, 2014.

Interested in a PLAGIARISM-FREE paper based on these particular instructions?...with 100% confidentiality?

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