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Problem #2 (30): On July 1, 2020 GIFFCO contracted with the investment bank X. M. Retzoff et freres to issue $60 m of two-year notes

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Problem #2 (30): On July 1, 2020 GIFFCO contracted with the investment bank X. M. Retzoff et freres to issue $60 m of two-year notes at 97.6. The securities carry a 4.30 % coupon rate, and pay at the end of each quarter. Fees, commissions and other issue costs were $960,000. Required: Book the 7/1/20 issue and the 2020 Q3 interest accrual

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