1. January 1, 2016, Brandon Company issued $100,000 of 5 year 9% bonds when the market rate of interest was 10%. Brandon received $96,149 for the bond issue. The bonds pay interest on July 1 and January 1.
2. January 1,2016 ABC Company issues $100,000 of 5 year 9% bonds to yield $104,100 when the market rate of interest is 8%.The bonds pay interest on July 1 and January 1.
Requirements- Prepare all general journal entries for the 2 bonds issued and any interest accruals and payments for the fiscal year 2016. What is the carrying amount on the December 31, 2016 Balance Sheet for 1 and 2?