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On May 1, 2021, Green Corporation issued $1,800,000 of 8% bonds, dated January 1, 2021,...

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Accounting

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On May 1, 2021, Green Corporation issued $1,800,000 of 8% bonds, dated January 1, 2021, for $1,656,000 plus accrued interest. The market rate of interest was 9%. The bonds pay interest semiannually on June 30 and December 31. Green's fiscal year ends on December 31 each year. Required: 1. Determine the amount of accrued interest that was included in the proceeds received from the bond sale. 2. Prepare the journal entry for the issuance of the bonds

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