Pizza Pier issues 7%,10-year bonds with a face amount of $80,000 for $74,564 on January 1,2012.The market interest rate for bonds of similar risk and maturity is 8%.Interest is paid semiannually on June 30 and December 31.
1.Record the bond issue.
2.Record the first interest payment on June 30,2012.

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The Answer of Pizza Pier issues 7%,10-year bonds with a face amount of $80,000 for $74,564 on January 1,2012.The market interest rate for bonds of similar risk and maturity is 8%.Interest is paid semiannually on June 30 and December 31.
1.Record the bond issue.
2.Record the first interest payment on June 30,2012.

Pizza Pier Issues 7%,10-Year Bonds with a Face Amount of $80,000