Answer:
The issue price of the bonds is $ 17,706,015.76 as contained in the attached
The double entries upon bond issuance are as follows:
Dr Cash $17,706,015.76
Dr Discount on bond $ 2,293,984.24
Cr Bonds payable $20,000,000.00
The journal entries for the interest are found in the attached.
Explanation:
Ultimately, the bond issue at a discount of $ 2,293,984.24
($20,000,000.00-$17,706,015.76)