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On January 1, 20X3, Seluk Textile A.. issued 400.000 of 5 years bond with a stated interest rate of 15%. The interest on the bonds

On January 1, 20X3, Seluk Textile A.. issued 400.000 of 5 years bond with a stated interest rate of 15%. The interest on the bonds is payable annually on December 1 of each year. The market interest rate at January 1 was 20% annually. a. Calculate the issue price (present value) of the bond. b. Provide journal entry for the issuing of the bond.

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