Instructions

On January $1,$ the first day of the fiscal year, a company issues a $$2,400,000,4\%,$ five$-$year bond that pays seiannual interest of $$48,000($$$2,400,0004\%\frac{1}{2}),$ receiving cash of $$2,353,000.$

Required:

Joumalize the entry to record the issuance of the bonds. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.