On January 31, 2017, Triumph Sports Cars issued 10-year, 6% bonds with a face value of $100,000.

Question:

On January 31, 2017, Triumph Sports Cars issued 10-year, 6% bonds with a face value of $100,000. The bonds were issued at 97 and pay interest on January 31 and July 31. Triumph amortizes bonds by the straight-line method. Record

(a) Issuance of the bonds on January 31,

(b) The semi-annual interest payment and discount amortization on July 31, and

Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...