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On January 1, 2021, Whittington Stoves issued $830 million of its 10% bonds for $766 million. The bonds were priced to yield 12%. Interest is payable semiannually on June 30 and December 31. Whittington records interest at the effective rate and elected the option to report these bonds at their fair value. One million dollars of the increase in fair value was due to a change in the general (risk-free) rate of interest. On December 31, 2021, the fair value of the bonds was $782 million as determined by their market value on the NYSE.
Problem 1: Record the interest on June 30, 2021.
Problem 2: Record the interest on December 31, 2021.
Problem 3: Record the fair value for presentation in the December 31, 2021, balance sheet.
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