Question

Determine the amount of the bond interest for the first year. Explain why the company was able to issue the bonds for only $10, 50 than for the face amount of $12,000,000. Yang Corporation wholesales repair products to equipment manufactures 2014, yang Corporation issued $ 20.000,000 of 10-year. 9% bonds at a market rate of 7% receiving cash of $22, 842.560 Interests is payable May 1 and November 1. Journalize the entries to record the following: issuance of bonds on May 1. 2014 First interest payment on November 1, 2014. and amortization of bond six months. using the straight-line method (Round to the nearest) Explain why the company was able to issue the bonds tor $22, 842, 560 rather the face amount of $20,000,000.

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