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Brown ferrings fiscal period is the calendar year

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On March 1, 2011, Brown-Ferring Corporation issued $100 million of 12% bonds, dated January 1, 2011, for $99 million (plus accrued interest). The bonds mature on December 31, 2030, and pay interest semiannually on June 30 and December 31. Brown-Ferring's fiscal period is the calendar year.

Required:

1. Determine the amount of accrued interest that was included in the proceeds received from the bond sale.

2. Prepare the journal entry for the issuance of the bonds by Brown-Ferring. 

Reference no: EM131006559

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