Question: 2 . On January 1 , 2 0 2 4 XYZ Company issued 1 0 - year bonds with a face value of $ 6

2. On January 1,2024 XYZ Company issued 10-year bonds with a face value of $600,000 and a stated interest rate of 5% payable annually on December 31. The prevailing rate of interest for this type of bond at the date of issuance was 6%.
a. Calculate the Issue price of the bonds.
b. Record the journal entry on XYZs books on Issue Date for these bonds.
c. Record the journal entry for the payment of interest on 12/31/26 on XYZ Company's books using the effective interest method of amortization of bond premium or discount
d. What is the total amount of Interest expense that XYZ will record over the life of the bonds.

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