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