On the first day of its fiscal year, Woodard Company issued $12,000,000 of 10-year, 8% bonds to fina 1 answer below »

On the first day of its fiscal year, Woodard Company issued $12,000,000 of 10-year, 8% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 10%, resulting in Woodard Company receiving cash of $10,504,541. a. Journalize the entries to record the following:

For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar.

1.

  

  

  

  

  

  

  

  

  

2.

  

  

  

  

3.

  

  

  

  

4.

  

  

  

  

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b. Determine the amount of the bond interest expense for the first year.
$

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