On January 1, 2022, Blue Corporation issued $1,610,000 face value, 8%, 10- year bonds at $1,506,675. This price resulted in an effective-interest rate of 9% on the bonds. Blue uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Required:
Prepare the journal entry to record the issuance of the bonds on January 1, 2022.

If a bond is issued at a premium the effective interest rate is most likely

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.

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