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Question - The Orange Gold company issued bonds with a par value of $ 60 million and a nominal interest rate of 7%. The bonds pay interest every six months on January 1 and July 1. They were issued on July 1, 2019 and on that date had a duration of 15 years. On the issuance date, the market interest rate (yield) was 8.5%.
a. Prepare the journal entry to record the issuance of the bonds on July 1, 2019.
b. Prepare the journal entry corresponding to July 1, 2020.
c. If with five years (10 semesters) until the bonds mature, the company withdraws them in the amount of $ 62 million, calculate the gain or loss on the withdrawal of the bonds.
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