Brief Exercise 10-09 Ivanhoe Company issues $265,000, 20 year, 10% bonds at 103. Prepare the journal...

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Brief Exercise 10-09 Ivanhoe Company issues $265,000, 20 year, 10% bonds at 103. Prepare the journal entry to record the sale

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Answer 1

Answer #1

Account Titles and explanations	Debit	Credit
Cash (2,650 × $103)	$272,950
Bonds payable (2,650 × $100)		$265,000
Premium on bonds payable (2,650 ×$3)		$7,950

Note:-

$265,000/100 =2,650

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Answer 2

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