On November 1 of the current year, Henrett Corporation sold ($ 3) million of its (10.8 %,
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On November 1 of the current year, Henrett Corporation sold \(\$ 3\) million of its \(10.8 \%, 10\)-year bonds at a price that reflected a \(14 \%\) market rate for bond interest. Interest is payable each May 1 and November 1. Calculate the sales price of the bonds and prepare a general journal entry to record the sale of the bonds. (Use the present value tables, Tables \(10-1\) and 10-2, pages 409 and 411.)
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