(Answered) On january 1 2011 darnell window and pane issued 18 million

Accounting

On January 1, 2011, Darnell Window and Pane issued $18 million of 10-year, zero-coupon bonds for $5,795,518.

Required:

1. Prepare the journal entry to record the bond issue.

2. Determine the effective rate of interest.

3. Prepare the journal entry to record annual interest expense at December 31, 2011.

4. Prepare the journal entry to record annual interest expense at December 31, 2012.

5. Prepare the journal entry to record the extinguishment at maturity.

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