Question
On the first day of the fiscal year, a company issues a $940,000, 7%, 5-year bond that pays semiannual interest of $32,900 ($940,000 x 7%
On the first day of the fiscal year, a company issues a $940,000, 7%, 5-year bond that pays semiannual interest of $32,900 ($940,000 x 7% 1/2), receiving cash of $884,172. Journalize the entry for the issuance of the bonds.
If an amount box does not require an entry, leave it blank.
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Fraud Examination
Authors: W. Steve Albrecht, Conan C. Albrecht, Chad O. Albrecht, Mark F. Zimbelman
3rd edition
324560842, 978-0324560848
