The Cleveland Historical Society issues $40 million of 6 percent, 15-year bonds at a price of $36,321,000
Question:
1. Prepare the journal entry to record the issuance of the bonds. Indicate the category of funds (e.g., unrestricted, temporarily restricted, permanently restricted) in which the entry would be made.
2. Prepare the journal entry to record the first semiannual payment of bond interest.
3. Prepare the journal entry to record the second semiannual payment of bond interest.
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1 Cash 36321000 Bond discount 3679000 Bonds payable 40000000 To record the issu...View the full answer
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Related Book For 
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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