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Blossom company issued $500000 of 5 year, 5% bonds at 95 on january 1,2021. The bonds pay in interest annually (a1) Prepare the journal entry
Blossom company issued $500000 of 5 year, 5% bonds at 95 on january 1,2021. The bonds pay in interest annually
(a1) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Account Titles and Explanation Debit Credit Cash 475000 Bonds Payable 25000 Premium on Bonds Payable 500000 Attempts:0 of 1 used submit Answer Save for Later Last saved 10 seconds ago Saved work will be auto submitted on the due date. Auto submission can take up to 10 minutes (a2) Compute the total cost of borrowing for these bonds. Total cost of borrowing Save for Later Attempts:0 of 1 used Submit Answer (61) Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at 101. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually) Account Titles and Explanation Debit Credit Save for later Attempts:0 of 1 used Submit Answer (62) Compute the total cost of borrowing for these bonds, assuming the bonds were issued at 101. Total cost of borrowings Step by Step Solution
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