Dash Enterprises is planning to issue $490$ bonds, each having a face amount of $$1,000.$

Required:

Prepare the journal entry to record the sale of the bonds at par. If an amount box does not require an entry, leave it blank.

Record issuance of bonds at par

Prepare the journal entry to record the sale of the bonds at a premium of $$34,000.$ If an amount box does not require an entry, leave it blank.

Record issuance of bonds at premium

Prepare the journal entry to record the sale of the bonds at a discount of $$41,000.$ If an amount box does not require an entry, leave it blank.

Record issuance of bonds at discount

Conceptual Connection: Assuming the stated rate is identical for the previous three scenarios, in which scenario is the market rate of interest $($yield$)$ highest?

The bonds sell a

$31$

premium

remaining. Crafty Corporation received $$471,068$ of cash upon issuance of $500,$ $$1,000$ par value bonds. Each bond has a stated rate of $4\%$ and will mature on December $31,2030,7$ years after the issuance of the bonds. Interest is paid annually on December $31.$ The market rate of interest is $5\%.$