Question: On March 1 , 2 0 2 4 , Brown - Ferring Corporation issued $ 1 0 2 . 0 million of 1 2 %

On March 1,2024, Brown-Ferring Corporation issued $102.0 million of 12% bonds, dated January 1,2024, for $99 million (plus accrued interest). The bonds mature on December 31,2043, and pay interest semiannually on June 30 and December 31. Brown-Ferrings fiscal period is the calendar year.
Required:
1. Determine the amount of accrued interest that was included in the proceeds received from the bond sale.
2. Prepare the journal entry for the issuance of the bonds by Brown-Ferring.

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