On march 1 2017 glaslyn inc glaslyn issued a 10000000 bond, Accounting Basics

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On march 1 2017 glaslyn inc glaslyn issued a 10000000 bond

Question: On March 1, 2017, Glaslyn Inc. (Glaslyn) issued a $10,000,000 bond with a 4 percent coupon rate and a maturity date of February 28, 2023. Interest will be paid semi-annually on August 31 and February 28. Glaslyn's year end is December 31. The effective interest rate for a bond of this type on March 1, 2017 was 5 percent.

Required: a. What will the proceeds be from the bond issue?

b. Prepare the journal entry to record the issue of the bond on March 1, 2017.

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Accounting Basics: On march 1 2017 glaslyn inc glaslyn issued a 10000000 bond

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