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1. On February 1, 2016, Ellison Co. issued eight-year bonds with a face value of $10,000,000 and a stated interest rate of 5%, payable semiannually
1. On February 1, 2016, Ellison Co. issued eight-year bonds with a face value of $10,000,000 and a stated interest rate of 5%, payable semiannually on July 1 and January 1. The bonds were sold to yield 6%.
A) The issue price of the bonds is
B) Record the journal entries for February 2016 at issuance and July 1
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