Question

Marin Inc. issues $252,000, 10-year, 7% bonds at 98.


Marin Inc. issues $252,000, 10-year, 7% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022 

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Answer #1

Journal entry

date account and explanation Debit Credit
Mar 1 Cash (252000*.98) 246960
Discount on bonds payable 5040
Bonds payable 252000
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