Accounting for long term liabilities #5

Brin Company issues bonds with a par value of $620,000. The bonds mature in 8 years and pay 10% annual interest in semiannual payments. The annual market rate for the bonds is 12\%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) 1. Compute the price of the bonds as of their issue date. 2. Prepare the journal entry to record the bonds' issuance. Complete this question by entering your answers in the tabs below. Compute the price of the bonds as of their issue date. (Round all table values to 4 decimal places, and use the rounded table values in calculations. Round intermediate calculations to the nearest dollar amount.) Journal entry worksheet Note: Enter debits before credits