(Answered) Question - when patey pontoons issued 7 bonds on january 1

Accounting

Question - When Patey Pontoons 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.

Determine the price of the bonds at January 1, 2009, and prepare the journal entry to record their issuance by Patey on January 1, 2009.

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