Use the following information for the Quick Study below.
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Enviro Company issues 10%, 10-year bonds with a par value of $300,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 12%, which implies a selling price of 88 1/2.
Prepare the journal entry for the issuance of the bonds. Assume
the bonds are issued for cash on January 1, 2017.
Homework Answers
| Date | General Journal | Debit | Credit | |
| Jan 01,2017 | Cash | 265500 | =300000*88.50% | |
| Discount on Bonds payable | 34500 | |||
| Bonds payable | 300000 |
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Use the following information for the Quick Study below.
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