Question: please solve the required questions PROBLEMS: 1. Accounting for Bonds Payable (16 points): Castaldini Corporation issued a $20,000 bond paying 4% coupon annually for 5

please solve the required questions

PROBLEMS: 1. Accounting for Bonds Payable (16 points): Castaldini Corporation issued a $20,000 bond paying 4% coupon annually for 5 years on 1/1/20x6. The bond was issued to investors at an issue price of $19,134.18, a yield of 5%. Annual coupon interest payments are made on January 1 of each year. Required: a. Prepare the journal entry to record the sale of the bond on 1/1/20x6. (2 points) b. What was the market rate of interest on 1/1/20x6? Explain. (2 points) c. How will the bond be presented on Castaldini's balance sheet on 1/1/20x6? (2 points)

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