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1. On January 1 X Co. issues a bond with a face value of $56,000,000. The bond has a 4 year life and pays interest

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1. On January 1 X Co. issues a bond with a face value of $56,000,000. The bond has a 4 year life and pays interest annually (each December 31) at a stated rate of 8% on December 31. At the time the bond was issued the market rate of interest is 5% REQUIRED A - Calculate the issue price of the bond (show all work): Issue Price: REQUIRED B- Provide the Journal Entry to Record the Bond Issuance Journal Entry: Account DR CR

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