Business, 28.11.2019 21:31 ArandomMexican3222

Prepare the journal entries for the issuance of the bonds in both 1 and 2. assume that both bonds are issued for cash on january 1, 2013.
1. enviro company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. on the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 1/2. the straight-line method is used to allocate interest expense.
2. garcia company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest payments. on the issue date, the annual market rate for these bonds is 8%, which implies a selling price of 117 1/4 . the effective interest method is used to allocate interest expense.

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Prepare the journal entries for the issuance of the bonds in both 1 and 2. assume that both bonds ar...

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