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Pharoah Company issued $520,000, 15-year, 6% bonds at 96. (a) - Your answer is partially correct. Prepare the journal entry t

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Answer #1
Date Account title and explanation Debit Credit
Jan 1 Cash ($520,000 X 96%) $499,200 -
Discount on bonds payable $20,800 -
Bonds payable - $520,000
(To record issue of bonds at discount)
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