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How do prepare the journal entries to record the issuance

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Question 1: On December 31, 2015, when the market rate was 12%, Global Corp issued $2,000,000, 14%, 5-year bonds. Interest is payable semi-annually on June 30 and December 31. The bonds were issued for $2,147,214, and the corporation uses the effective interest method of amortizing bond premium or discount. Prepare the journal entries (with all its implications and explanations) to record the issuance of the bonds and the first interest payment

Reference no: EM132600654

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