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XYZ issues 30 year, 11% bonds on 1/1/2018 with a face value of $100,000. Coupon...

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Accounting

XYZ issues 30 year, 11% bonds on 1/1/2018 with a face value of $100,000. Coupon payments are semiannual and the market rate of interest on the date of issue is 8%. What will be the interest expense on XYZs income statement for the year ended 12/31/2042? What will be the bond liability on XYZs Balance Sheet as of 12/31/2042? Also, show that the bond liability equals the present value of the remaining payments.

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