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Novy Corporation is planning to issue bonds with a face value of $630,000 and a coupon rate of 7.5 percent. The bonds mature in 4 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Novy uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 8.5 percent.
Problem 1: Prepare the journal entries to record the issuance of the bonds and interest payment on June 30 of this year.
Problem 2: What bonds payable amount will Novy report on its June 30 balance sheet?
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