hw2--Long Liab

Legacy issues $720,000 of 6.5%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31 . They are issued at $683,649 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $720,000 on January 1, 2021 at an issue price of $683,649. Note: Enter debits before credits