(Answered) Question - when company a issued 7 bonds on january 1 2009

Accounting

Question - When Company A issued 7% bonds on January 1, 2009, with a face amount of $530,000, the market yield for bonds of similar risk and maturity was 8%. The bonds mature December 31, 2012 (4 years). Interest is paid semiannually on June 30 and December 31. For the year ending in 2009, what is the (a) net liability reported on the balance sheet and (b) income expense?

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