On the first day of the fiscal year, a company issues an $386,000, 7%, five-year bond that pays semiannual interest of $13,510 ($386,000 x 7% x 1/2), receiving cash of $362,800. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method.
If an amount box does not require an entry, leave it blank.
No | Account | Debit | Credit |
1 | interest expense | 15830 | |
Discount on Bonds Payable (386,000-362,800)/10 | 2320 | ||
Cash | 13,510 |
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