On january 1 2011 nfb visual aids issued 800000 of its

Reference no: EM13604009

On January 1, 2011, NFB Visual Aids issued $800,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. NFB Visual Aids records interest expense at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2011, the fair value of the bonds was $668,000 as determined by their market value in the over-the-counter market. Prepare the journal entry to record interest on June 30, 2011 (the first interest payment).

Reference no: EM13604009

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