X was interesting in ivesting in bonds and on 010112

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X was interesting in ivesting in bonds and , on 01/01/12 purchased 10% bonds dated january 1, 2012. These bonds had a face amount of $10 million, pay interest on 6/30 and 12/31, and mature in 10 years. For bonds of similar risk and maturity, the market yield is 12%. X uses the effective interest method. (1) prepare X's entry to record the bond purchase. (2) prepare X's entry on 6/30/2012 and on 12/30/2012 to record interest.

Reference no: EM13608833

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