malay corporation issued $2 million , 10yr, 6% bonds on jan 1, 2017. prepare the emtry...
Homework Answers
a) Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash (2000000*.98) | 1960000 | |
| Discount on bonds payable | 40000 | ||
| Bonds payable | 2000000 | ||
| (To record bond issue) | |||
b) Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash (2000000*1.03) | 2060000 | |
| Premium on bonds payable | 60000 | ||
| Bonds payable | 2000000 | ||
| (To record bond issue) | |||
c) Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 2000000 | |
| Bonds payable | 2000000 | ||
| (To record bond issue) | |||
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malay corporation issued $2 million , 10yr, 6% bonds on jan 1, 2017. prepare the emtry...
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