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

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

Issuing Bonds at a Premium

On the first day of the fiscal year, a company issues a $3,500,000, 11%, 5-year bond that pays semiannual interest of $192,500 ($3,500,000 × 11% × ½), receiving cash of $3,925,823.

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

	Cash
	Premium on Bonds Payable
	Bonds Payable

business accounting

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Answer 1

Answer #1

Cash	3,925,823
Premium on Bonds Payable		425,823
Bonds payable		3,500,000

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Answer 2

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