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On January 1, 2024, Cullumber issued $4,300,000, 4% bonds. Interest is payable semi-annually on June...

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Accounting

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On January 1, 2024, Cullumber issued $4,300,000, 4% bonds. Interest is payable semi-annually on June 30 and December 31. The bonds mature on January 1, 2034. The bonds are sold to yield 12%.

a. Calculate the issue price of the bonds

b.

Prepare the amortization table for the first year assuming the effective interest method is used to calculate interest. (Round answers to 0 decimal places, e.g. 25,000.) Prepare the amortization table for the first year assuming the effective interest method is used to calculate interest. (Round answers to 0 decimal places, e.g. 25,000.)

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