On january 1 2015 smithton company issues 46 million of 8, Financial Accounting

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On january 1 2015 smithton company issues 46 million of 8

On January 1, 2015, smithton company issues $46 million of 8% bonds, due in 7 years, with interest payable semi annually on June 30 and December 31 each year required.

1. If the market rate is 10%, will the bonds issue at face amount, a discount or a premium?Justify your answer.

2. Calculate the issue price of the bonds

3. Prepare the journal entry for the issuance of the bonds. Indicate debits with DR and credits with CR

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Financial Accounting: On january 1 2015 smithton company issues 46 million of 8

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Financial Accounting: On january 1 2015 smithton company issues 46 million of 8

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