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Question - On January 1, 2021, Ponce Company issued 10% bonds dated January 1, 2021, with a face amount of $20 million. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semi-annually on June 30 and December 31.
Required -
1. Determine the price of the bonds at January 1, 2021.
2. Prepare the journal entry to record the bond issuance by Ponce on January 1, 2021.
3. Prepare the journal entry to record interest payments on June 30, 2021, amortization of premium or discount using the effective interest method.
4. Prepare the journal entry to record interest payments on December 31, 2021, amortization of premium or discount using the effective interest method.
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