Question
On the first day of the fiscal year, a company issues a $980,000, 7%, 5-year bond that pays semiannual interest of $34,300 ($980,000 7% 1/2),
On the first day of the fiscal year, a company issues a $980,000, 7%, 5-year bond that pays semiannual interest of $34,300 ($980,000 7% 1/2), receiving cash of $884,175 Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles
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Managerial Accounting
Authors: Susan V Crosson, Belverd E Needles
9th Edition
0538742801, 9780538742801
