Bonds Sold at Face. On January 1, 2000, Masterwear Industries issued $700,000 of 12% bonds. Interest of $42,000 is payable semiannually on June 30 and December 31. The bonds mature in three years [an unrealistically short maturity to shorten the illustration]. The entire bond issue was sold in a private placement to United Intergroup, Inc. at face amount.At Issuance (January 1)Masterwear (Issuer)Cash 700,000 Bonds payable (face amount)700,000 United (Investor) Investment in bonds (273
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