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= Issuing Bonds at a Discount On the first day of the fiscal year, a company issues a $7,200,000, 7%, 9-year bond that p...

=

Issuing Bonds at a Discount

On the first day of the fiscal year, a company issues a $7,200,000, 7%, 9-year bond that pays semiannual interest of $252,000 ($7,200,000 × 7% × ½), receiving cash of $6,324,481.

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

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Answer #1

Journal entry

Date account and explanation Debit Credit
Jan 1 Cash 6324481
Discount on bonds payable 875519
Bonds payable 7200000
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