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Stanford issues bonds dated January 1, 2021, with a par value of $248,000. The bonds'...

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Accounting

Stanford issues bonds dated January 1, 2021, with a par value of $248,000. The bonds' annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 10%, and the bonds are sold for $229,115. 1. What is the amount of the discount on these bonds at issuance? 2. How much total bond interest expense will be recognized

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