A 4000000 bond with a 10 interest rate was issued for, Financial Accounting

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A 4000000 bond with a 10 interest rate was issued for

A $4,000,000 bond with a 10% interest rate was issued for $4,540,000 with an effective interest rate of 8%. Interest is paid on December 31. Prepare the journal entries for the initial entry for issuing the bond on Jan 1, 2016, the first interest payment on December 31, 2016 and the second interest payment on December 31, 2017.

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Financial Accounting: A 4000000 bond with a 10 interest rate was issued for

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