Question: in January 1 , 2 0 2 4 , Bishop Company issued 8 % bonds dated January 1 , 2 0 2 4 , with

in January

1, 2024,

Bishop Company issued

8 %

bonds dated January

1, 2024,

with a face amount of $

20.6

million. The bonds mature in

2033 (10

years

) .

For bonds of similar risk and maturity, the market yield is

10 % .

Interest is paid semiannually on June

30

and December

31 .

Note: Use tables, Excel, or a financial calculator.

(

FV of $

1,

PV of $

1,

FVA of $

1,

PVA of $

1,

FVAD of $

1

and PVAD of $

1)

Required:

Determine the price of the bonds on January

1, 2024 .

Prepare the journal entry to record the bond issuance by Bishop on January

1, 2024 .

Prepare the journal entry to record interest on June

30, 2024,

using the effective interest method.

Prepare the journal entry to record interest on December

31, 2024,

using the effective interest method.

Complete this question by entering your answers in the tabs below.

\

table

[[

Required

1,

Required

2,

Required

3,

Required

4]]

in January 1,2024, Bishop Company issued 8% bonds dated January 1,2024,

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