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On May 1, 2020, Flint Corporation, a publicly listed corporation, issued $247,100 of five-year, 8% bonds, with interest payable semi-annually on November 1 and May 1. The bonds were issued to yield a market interest rate of 6%. Flint uses the effective interest method.
Problem 1: Calculate the present value (issue price) of the bonds on May 1 using (1) factor Tables A.2 and A.4, (2) a financial calculator, or (3) Excel function PV. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places, e.g. 1,251,24.)
Problem 2: Prepare the journal entry to record the issue of the bonds on May 1.
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