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1. On March 1, 2017, Porter Company sold its 100, 5-year, $1,000 face value, 10%bonds...

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Accounting

1. On March 1, 2017, Porter Company sold its 100, 5-year, $1,000 face value, 10%bonds dated March 1, 2017 at an effective annual interest rate (yield) of 8%. Interest is payable annually and the first interest payment date is February 29, 2018. Porter uses the interest method of amortization. Bond issue costs were incurred in preparing and selling the bond issue. The bonds can be called by Porter at 101 at any time on or after March 1, 2020.

(a) Determine selling price of the bonds

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