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Prepare journal entry to record their issuance by Instaform

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Question - On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $55 million, dated January 1. The bonds mature in 2040 (20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually.

a. Determine the price of the bonds at January 1, 2021.

b. Prepare the journal entry to record their issuance by Instaform.

Reference no: EM132855874

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