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Determine the issue price of the bonds for gold coast ltd

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Reference no: EM133002582

Gold Coast Ltd. issues $15 000 000, 3-year, 5% bonds on 30 June 2020. Bond interest is paid yearly on 30 June every year by Gold Coast Ltd. The market rate of return at the time of issuing the bonds was 9%.

Required

Problem 1. Determine the issue price of the bonds. Show the calculations.

Problem 2. Using the effective-interest method, provide the journal entries at:

i. 30 June 2021
ii. 30 June 2022.

Reference no: EM133002582

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