On January 1, Year 1, Hanover Corporation issued bonds with a $56,500 face value, a stated rate of interest of 9%, and a 5-year term to maturity. The bonds were issued at 99. Hanover uses the straight-line method to amortize bond discounts and premiums. Interest is payable in cash on December 31 each year.

The journal entry used to record the issuance of the bond and the receipt of cash would be: (Round your answer to the nearest whole dollar amount.)

Required information The following information applies to the questions displayed below) On January 1, Year 1 Hanover Corporation issued bonds with a $56,500 face value, a stated rate of interest of 9%, and a 5-year term to maturity. The bonds were issued at 99. Hanover uses the straight-line method to amortize bond discounts and premiums. Interest is payable in cash on December 31 each year The journal entry used to record the issuance of the bond and the receipt of cash would be: (Round your answer to the nearest whole dollar amount.) Multiple Choice Cash Bonds Payable 56.500 Cash Discount on Bonds Payable Bonds Payable 56,387 Required information Cash Bonds Payable 56,500 56.500 Cash 56.500 Discount on Bonds Payable Bonds Payable 56,387 56,387 Cash Discount on Bonds Payable Bonds Payable 56,500 Cash Discount on Bonds Payable Bonds Payable 55,935 565 56,500