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On January 1 of this year, LeBron Company issued bonds with a face value of $1.40 million and a coupon rate of 5 percent. The
On January 1 of this year, LeBron Company issued bonds with a face value of $1.40 million and a coupon rate of 5 percent. The bonds mature in 10 years and pay interest semiannually every June 30 and December 31 . When the bonds were issued, the annual market rate of interest was 4 percent. Lebron uses the effective-interest amortization method. Required: Record the issuance of the bonds on January 1 of this year. (FV of $1,PV of $1,FVA of $1, and PVA of $1 ) Note: Use appropriate factor(s) from the tables provided. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions. Round your intermediate and final answers to nearest whole dollars
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