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On January 1, 2016, Allison Company issued $1,000,000 of 7% bonds due to mature in...

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Accounting

On January 1, 2016, Allison Company issued $1,000,000 of 7% bonds due to mature in 15 years. Interest is due and payable on December 31 of each year. The bonds were sold to yield a market rate of interest of 8%. A) Calculate the sale price of the bonds on January 1, 2016. B) Prepare the effective interest amoritization schedule for the first two full years of the bond issue.

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