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  1. business
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  3. on january 1, 2016, instaform, inc., issued 12% bo

On January 1, 2016, Instaform, Inc., issued 12% bonds with a face amount of $60...

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Accounting

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On January 1, 2016, Instaform, Inc., issued 12% bonds with a face amount of $60 million, dated January 1. The bonds mature in 2035 20 years). The market yield for bonds of similar risk and maturity is 14%. Interest is paid semiannually.( (Use appropriate factor(s) from the tables provided.) 1. PV of $1, $1 and PVAD of $1) Required: 1.1 Determine the price of the bonds at January 1,2016. (Enter your answer in whole dollar) 1, 2016. (Enter your answer in whole dollar.) Price of the bonds 1.2 Prepare the journal entry to record their issuance by Instaform. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar.) View transaction list Journal entry worksheet Record the issuance of bonds by Instaform. Note: Enter debits before credits Event General Journal Debit Credit

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