Question
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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Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
8th Edition
9780618777174, 618777180, 618777172, 978-0618777181
