On January 1, 2017, Shields Inc issued $1,000,000 of 9%, 20 year bonds for $1,098,964,...
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On January 1, 2017, Shields Inc issued $1,000,000 of 9%, 20 year bonds for $1,098,964, yielding a market (yield) rate of 8%. Semiannual interest is payable on June 30 and december 31 of each year.
show computations to confirm the bond issue price
indicate the financial statement effects using the template for a) bond issuance, b) semiannual interest payment and premium amortization on June 30 2017 and c)semiannual interest payment and premium amortization on december 31 2017.
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