If $2,000,000 of 10% bonds are issued at 97, the amount of cash received from the sale is
Par value of bonds = $2,000,000
Issue price = 97
Cash received from sale of bonds = 2,000,000 x 97%
= $1,940,000
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Brief Exercise 10-9
Nasreen Company issues $2,000,000, 10-year, 7% bonds at 97, with
interest payable on July 1 and January 1.
Prepare the journal entry to record the sale of these bonds on
January 1, 2015. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1
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if
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