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Bonds Payable: On January 1, 2016 Baker Corporation issued $800,000 of 20-year, 11% bonds...

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Accounting

Bonds Payable: On January 1, 2016 Baker Corporation issued $800,000 of 20-year, 11% bonds for $739,815, yielding a market (yield) rate of 12%. Interest is payable semiannually on June 30th and December 31.

A. Confirm the bond issue price. B. Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest payable and discount amortization on June 30, 2014, and (3) semiannual interest payment and discount amortization on December 31, 2016.

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