Issuing Bonds at a Discount On the first day of the fiscal year, a company issues...

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Issuing Bonds at a Discount On the first day of the fiscal year, a company issues...

Issuing Bonds at a Discount

On the first day of the fiscal year, a company issues a $1,400,000, 11%, 6-year bond that pays semiannual interest of $77,000 ($1,400,000 × 11% × ½), receiving cash of $1,233,205.

Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

business accounting

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Answer 1

Answer #1

Particular	Debit	Credit

Cash	$1,233,205

Premium on Bonds payable		$166795

Bonds Payable		$1,400,000

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Answer 2

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