July 1. Issued $64,000,000 of 10 year 12% callable bonds
July 1. Issued $64,000,000 of 10 year 12% callable bonds dated July 1,2012 at a market(effective) rate of 14% receiving cash of $57,219,878. Interest is payable semiannually on December 31 and June 30. Oct. 1 Borrowed $320,000 as a five…