Issuing the bonds at premium:
Journalizing the bond issuance
General Journal | Debit | Credit |
Cash | $5389476 | |
Bonds payable | $4400000 | |
Premium on bonds payable | $989476 | |
(To record the issuance of bond) |
*Total cash recieved (given) = $5389476
*Bonds payable (Value of bonds issued) = $4400000
*Premium on bonds payable = $5389476 - $4400000 = $989476
_______×________
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