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Hi, I need the below question answered ASAP for MBA 560 financial and managerial accounting.

On February 28, 2012, Dolphin Corp. issues 6%, 10-year bonds payable with a face value of

$900,000. The bonds pay interest on February 28 and August 31. Dolphin Corp. amortizes bonds by the straight-line method.

1. If the market interest rate is 5​% when Dolphin Corp. issues its​ bonds, will the bonds be priced at​ par, at a premium, or at a​ discount? Explain.

2. If the market interest rate is 7% when Dolphin Corp. issues its bonds, willl the bonds be priced at par, at a premium or at a discount? Explain

3. Assume that the issue price of the bonds is 96. Journalize the following bonds payable transactions.

a. Issuance of the bonds on February​ 28, 2012.

b. Payment of interest and amortization of the bonds on August​ 31, 2012.

c. Accrual of interest and amortization of the bonds on December​ 31, 2012​, the year end.

d. Payment of interest and amortization of the bonds on February​ 28, 2013.

4. Report interest payable and bonds payable as they would appear on the Dolphin Corp. balance sheet at December 31, 2012.

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