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Record the payment of interest on january

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Question - On July 31, 2021, Pharoah Inc. issued $530,000 of 5-year, 4% bonds at 101. Interest is payable semi-annually on July 31 and January 31. Pharoah's fiscal year end is January 31.

Required -

Is the market rate of interest higher or lower than 4%?

Record the issue of the bonds on July 31, 2021.

Record the payment of interest on January 31, 2022, assuming the semi-annual amortization amount for this interest period is $978.

Reference no: EM133107843

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