On January 1, 2017, when the market interest rate was 14%, Luba Corporation issued bonds in the face amount of $500,000 with interest at 12% payable semiannually. The bonds mature
on December 31, 2026.
Required:
Calculate the bond discount at issuance. How much of the discount should be amortized by the
effective interest method on July 1, 2017?
I am confused about how Discount is calculated? What table if any do I have to refer to
Face value is $500,000
Discount (52,970)
Selling Price of bond $447,030

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