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Determine the price of bonds; issuance; effective interest: The Bradford Company issued 10% bonds, dated January 1, with a face amount of $80 million on January 1, 2013. The bonds mature on December 31, 2022. For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31.
Required:
1. Determine the price of the bonds at January 1, 2013.
2. Prepare the journal entry to record their issuance by The Bradford Company on January 1, 2013.
3. Prepare the journal entry to record interest on June 30, 2013 (at the effective rate)
4. Prepare the journal entry to record interest on December 31, 2013 (at the effective rate).
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