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What amount did sheffield receive from the bond issuance

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Reference no: EM133052279

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Q1. On January 1, 2021, Sunland Company sold $4900000 of its 10% bonds for $4337950 to yield 12%. Interest is payable semiannually on January 1 and July 1. What amount should Sunland report as interest expense for the six months ended June 30, 2021?

Q2. On July 1, 2021, Sheffield Corp. issued 5400 of its 11%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2021 and mature on April 1, 2031. Interest is payable semiannually on April 1 and October 1. What amount did Sheffield receive from the bond issuance?

Reference no: EM133052279

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