Blanding Company issues $1,000,000 of 8%, 10-year bonds at 98 on February 28, 2012. The bond pays interest on February 28 and August 31.

Calculate issue price of the bonds.

Journalize issuance of bonds on February 28,2012 and payment of interest on August 31,2012.

Blanding Company issues $1,000,000 of 896, 10-year bonds at 98 on February 28, 2012. The bond pays interest on February 28 and August 31. Calculate issue price of the bonds. Journalize issuance of bonds on February 28,2012 and payment of interest on August 31,2012