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On the first day of the fiscal year, a company issues a $950,000, 10%, 5-year bond that pays semiannual interest of $47,500 ($950,000 10% 1/2),

On the first day of the fiscal year, a company issues a $950,000, 10%, 5-year bond that pays semiannual interest of $47,500 ($950,000 10% 1/2), receiving cash of $884,174.

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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