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Village People Company issued 700 five-year bonds on July 1, 20x4. The interest payments are due semiannually (January 1 and July 1) at an annual rate of 4 percent. The effective interest rate on the bonds is 6 percent. The face value of each bond is $1,000.
Problem a. Calculate the proceeds of the Bonds issued and prepare the journal entry that would be recorded on July 1, 20x4, when the bonds are issued.
Problem b. Prepare the journal entry to record interest at December 31, 20x4.
Problem c. Compute the balance sheet value of the bond liability as of December 31, 20x4. In other words what amounts for the Bonds Payable will be in the December 31, 20x4 balance sheet.
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