Flint Corporation issues $1,000,000 of 30 year, 8 percent bonds at 106. Interest is paid semiannually and the straight line method is used for amortization. Assume that the bonds are issued on an interest date.
a. What amount was received for the bonds?
b. How much interrest is paid each intererst period?
c. How much bond interest expense is recorded on the first interest date (after the issue date)?
d. What is the carrying value of the bonds after the first interest date (after the issue date)?
Can you please show your work
a. What amount was received for the bonds?
b. How much interrest is paid each intererst period?
c. How much bond interest expense is recorded on the first interest date (after the issue date)?
d. What is the carrying value of the bonds after the first interest date (after the issue date)?
Can you please show your work