On January 1, 2021, TB Co. issued ten-year bonds with a face value of $3,000,000 and a coupon rate of 10%, payable

semiannually on June 30 and December 31. The bonds were sold to yield 13%

Instructions

(a) Calculate the Issue price of the bonds.

(bI Without prejudice to your solution in part (a), assume that the issue price was $2952.000. Prepare the entries for the bond issue and the first payment of the bond, assuming that amortization is recorded on interest payment dates using the effective-interest method.

please show how you got that, thank you!