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please show all process in detail QUESTION 11 (20 points) On March 1, 2017, Merde Machines inc. issued 6% bonds, dated March 1, 2017, with
please show all process in detail
QUESTION 11 (20 points) On March 1, 2017, Merde Machines inc. issued 6% bonds, dated March 1, 2017, with a face amount of $10 million. The bonds mature on February 28, 2020 (3 years). The market yield for bonds of similar risk and maturity was 7%. Interest is paid semiannually on August 31 and February 28. Required: 1. Determine the price of the bonds issued on March 1, 2017 2. Prepare the journal entry to record the issuance of bonds by Merde 3. Prepare Merde's required journal entries on August 31, 2017 and December 31,2017Step by Step Solution
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