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On March 1, 2021, Brown-Ferring Corporation issued $104.0 million of 9% bonds, dated January 1, 2021, for $96 million (plus accrued interest). The bonds
On March 1, 2021, Brown-Ferring Corporation issued $104.0 million of 9% bonds, dated January 1, 2021, for $96 million (plus accrued interest). The bonds mature on December 31, 2040, and pay interest semiannually on June 30 and December 31. Brown-Ferring's fiscal period is the calendar year. Required: 1. Determine the amount of accrued interest that was included in the proceeds received from the bond sale. 2. Prepare the journal entry for the issuance of the bonds by Brown-Ferring
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