On the first day of the fiscal year, a company issues a $920,000, 7%, five-year bond...
On the first day of the fiscal year, a company issues a $920,000, 7%, five-year bond that pays semiannual interest of $32,200 ($920,000 × 7% × 1/2), receiving cash of $884,174.
| Required: | |
| Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. |
Homework Answers
| Cash | 884,174 | |
| Discount on bonds payable | 35,826 | |
| Bonds payable | 920,000 |
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On the first day of the fiscal year, a company issues a
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On the first day of the fiscal year, a company issues a $920,000, 7%, 5-year bond...
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a $7,500,000, 8%, five-year bond that pays semiannual interest of
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On the first day of the fiscal year, a company issues a $950,000, 7%, 5-year bond that pays semiannual interest of $33,250 ($950,000 x 7% x 1/2), receiving cash of $884,174. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.
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