Assignment #8 - Chapter 10\ Question 12 of 12\

-120,vdots-=,vdots

\ On January 1, 2025, Concord Corporation issued

$1,999,000

face value,

5%,10

-year bonds for proceeds of

$2,161,137

. This price resulted in an effective-interest rate of

4%

on the bonds. The bonds pay annual interest, each January 1 and Concord has a calendar year end.\ (a)\ Prepare the journal entry to record the issue of the bonds on January 1, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)\ Date\ Account Titles\ Jan. 1,\

2025

\ Debit\ Credit\ Search

On January 1,2025 , Concord Corporation issued $1,999,000 face value, 5%,10-year bonds for proceeds of $2,161,137. This price resulted in an effective-interest rate of 4% on the bonds. The bonds pay annual interest, each January 1 and Concord has a calendar year end. (a) Prepare the journal entry to record the issue of the bonds on January 1, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)