Company with year end: Dec 31
Issued $10,000,000 bonds on Dec 1, 2010 for bond proceeds $8,461,427. Yield rate 5%, Prime rate 2%.
Bonds dated for release on Oct 1, 2010.
10 years bonds with coupon interest rate at 3%.
Interest payable every Apr 1 and Oct 1.
On Oct 1, 2018, the company retired 1/2 of the bond issued, market rate was 7%
how to do the redemption entry?
The remaining bond has the prime rate risen to 3%, how to record the fair value of bond retirement?
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