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  3. on january 1, 2017. shay issues $430,000 of 8%, 15

On January 1, 2017. Shay issues $430,000 of 8%, 15-year bonds at a price of...

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Accounting

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On January 1, 2017. Shay issues $430,000 of 8%, 15-year bonds at a price of 97.00. Six years later, on January 1, 2023, Shay retires 25% of these bonds by buying them on the open market at 104.75. All interest is accounted for and paid through December 31, 2022, the day before the purchase. The straight-line method is used to amortize any bond discount Exercise 10-9 Part 1 1. How much does the company receive when it issues the bonds on January 1, 2017? Cash proceeds from sale of bonds at issuance

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