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Innovative Component Inc. needed financing to build a new manufacturing plant. On June 30th, 2014, Innovative Component issued $2,300,000 of 8-year bonds with a 6%

Innovative Component Inc. needed financing to build a new manufacturing plant. On June 30th, 2014, Innovative Component issued $2,300,000 of 8-year bonds with a 6% coupon rate (payments due on December 31st and June 30th). The effective interest rate was 8%. Use the financial statement effects template below to record the bond issue and Innovative Components first two interest payments.

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