Ward Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2013, at 104. The journal...
Ward Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2013, at 104. The journal entry to record the issuance will show a
|
debit to Cash of $5,000,000. |
|
|
credit to Premium on Bonds Payable for $200,000. |
|
|
credit to Bonds Payable for $5,040,000. |
|
|
credit to Cash for $5,020,000. |
Homework Answers
| Premium on baond = 5000 bonds*$1000*4% =$200000 | |||
| Ther journal entry would be | |||
| Debit | Credit | ||
| Cash | $ 52,00,000.00 | ||
| Bond payable | $ 50,00,000.00 | ||
| The premium on bond payable | $ 2,00,000.00 | ||
| (to record issue of the bond at a premium) | |||
| Therefore the SECOND option is correct. | |||
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