Transcribed Image Text: Brin Company issues bonds with a par value of $700,000

Transcribed Image Text: Brin Company issues bonds with a par value of $700,000. The bonds mature in 6 years and pay 6% annual interest in semiannual
payments. The annual market rate for the bonds is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from
the tables provided.)
1. Compute the price of the bonds as of their issue date.
2. Prepare the journal entry to record the bonds’ issuance.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare the journal entry to record the bonds’ issuance. (Round intermediate calculations to the nearest dollar amount.)
View transaction list
Journal entry worksheet
1
>
Record the issuance of the bonds for cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
Record entry
Clear entry
View general journal Transcribed Image Text: Brin Company issues bonds with a par value of $700,000. The bonds mature in 6 years and pay 6% annual interest in semiannual
payments. The annual market rate for the bonds is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from
the tables provided.)
1. Compute the price of the bonds as of their issue date.
2. Prepare the journal entry to record the bonds’ issuance.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Compute the price of the bonds as of their issue date. (Round all table values to 4 decimal places, and use the rounded table
values in calculations. Round intermediate calculations to the nearest dollar amount.)
Table Values are Based on:
n =
i =
Cash Flow
Table Value
Amount
Present Value
Par (maturity) value
Interest (annuity)
Price of bonds
< Required 1 Required 2 >

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