Interest is paid annually on december 31 the company uses, Accounting Basics

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Interest is paid annually on december 31 the company uses

On October 1, 2016 Macklin Corporation issued 5%, 5-year bonds with a face value of $4,000.000 to yield 4%. Interest is paid annually on December 31. The company uses the effective interest method.

a. Find the issue price

b. The entry to record the issuance of the bonds would be:

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Accounting Basics: Interest is paid annually on december 31 the company uses

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Accounting Basics: Interest is paid annually on december 31 the company uses

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