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On the first day of its fiscal year, Woodard Company issued $12,000,000 of 10-year, 8%...

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Accounting

On the first day of its fiscal year, Woodard Company issued $12,000,000 of 10-year, 8% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 10%, resulting in Woodard Company receiving cash of $10,504,541. Amortization of discount at the end of the first year, using the straight-line method.

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