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Question - On August 1, 2020, Tra Vinh Corporation issued $128.30 million in 5% bonds, with interest payable on January 31 and July 31 each year. The market yield rate for these bonds on the date of issuance was 4.6% and they were issued at 103.18. The bonds had a maturity date of April 1, 2030. The company's fiscal year end is July 31.
Required -
1. Calculate the cash proceeds from the issuance of these bonds.
2. Prepare the journal entry made by the company on issuance.
3. Provide the journal entries to record the first two interest payments. Ignore year-end accruals of interest.
4. Determine the carrying amount these bonds would be reported at on the company's statement of financial position at July 31, 2021.
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