If the market interest rate is 8%, the bonds will issue at $2,400,000. record the bond issue on january 1, 2018, and the first two semiannual interest payments on june 30, 2018, and december 31, 2018.

Please refer to detail explanation below to see the accounting treatment at date of issuance of bond and on date of semi-annual payment of interest.

Explanation:

As information is missing it is assumed that record mean book entry and coupon rate is equal to market Rate i.e. 8%.

On the date of issuance (Jan-01,2018) the company will pass following entry i.e.

Debit Cash Asset        2400000$

Credit Bond Liability   2400000$

On the date of Interest payment semiannual (June-30,2018) the company will pass following entry i.e.

Debit Interest expense        96000$

Credit Cash Asset                96000$

On the date of Interest payment semiannual (December-31,2018) the company will pass following entry i.e.

Debit Interest expense        96000$

Credit Cash Asset                96000$

(Interest calculation 2400000*8/2= 96000) Semi annually

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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