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On January 1, a business issues $500,000 face value, 10 year, 10% contract rate bonds...

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Accounting

On January 1, a business issues $500,000 face value, 10 year, 10% contract rate bonds dated January 1. Interest is payable semiannually each June 30 and December 31. Prepare any necessary journal entries on January 1 to issue the bonds under the following independent circumstances. (Please be sure to show your work.)

The market interest rate on January 1 is 10%.

The market interest rate on January 1 is 12%.

The market interest rate on January 1 is 8%.

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