Robinson Inc., as a public company, issues $3 million of 10%, 10-year, corporate bonds on January 1, 2010. The bonds


Robinson Inc., as a public company, issues $3 million of 10%, 10-year, corporate bonds on January 1, 2010. The bonds pay interest on every January 1 after the issuance. Required: 1. If market rate on issue date is 10%, prepare journal entries for the issuance and journal entries at the end of December 2010, 2011, and 2019. 2. If market rate on issue date is 12%, prepare journal entries for the issuance and journal entries at the end of December 2010 and 2011. 3. If market rate on issue date is 8%, prepare journal entries for the issuance and journal entries at the end of December 2010, 2011, and 2019.


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