1. Arubi Inc. issued $7,000,000 of 15-year, 3 percent bonds on April 30. If the bonds were sold on July 31, how much cash would Arubi Inc. receive upon issuance of the bonds?

HINT- Calculating bond proceeds when sale is between interest dates

2, Refer to the data for Arubi Inc. in E154. Journalize the sale of the bonds on July 31 and the first semi-annual interest payment on October 31. No explanations are required.

HINT- Journalizing bond issue between interest dates