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Kershaw Electric sold $4,800,000, 12%, 15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid interest on January 1. The
Kershaw Electric sold $4,800,000, 12%, 15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid interest on January 1. The bonds were sold at 96. Prepare the journal entry to record the issuance of record the issuance of the bonds on January 1, 2017. At December 31, 2017, $12,800 of the Discount on Bonds Payable account has been amortized. Show the balance sheet presentation of the long-tem liability at December 31, 2017
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