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Problem 2 On January 1, 2015, a company issued 10-year, 10% bonds payable with a...

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Problem 2 On January 1, 2015, a company issued 10-year, 10% bonds payable with a par value of $600,000 and received $542,647 in cash proceeds. The market rate of interest at the date of issuance was 12%. The bonds pay interest semiannually on July 1 and January 1, The issuer uses the straight-line the first semiannual interest payment on July 1, 2015

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