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Federal Semiconductors issued 8% bonds, dated January 1, with a face amount of $740 million...

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Accounting

Federal Semiconductors issued 8% bonds, dated January 1, with a face amount of $740 million on January 1, 2024.

The bonds sold for $671,914,968 and mature on December 31, 2043 (20 years).

For bonds of similar risk and maturity the market yield was 9%.

Interest is paid semiannually on June 30 and December 31.

1- Prepare the journal entries to record their issuance by Federal on January 1, 2024

2- At what amount will Federal report the bonds among its liabilities in the December 31, 2024, balance sheet?

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