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On the first day of the fiscal year, a company issues a $8,300,000, 11%, 8-year bond that pays semiannual interest of $456,500 ($8,300,000 11% ),
On the first day of the fiscal year, a company issues a $8,300,000, 11%, 8-year bond that pays semiannual interest of $456,500 ($8,300,000 11% ), receiving cash of $7,880,606.
Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
Cash
Discount on Bonds Payable
Bonds Payable
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