Question
On the first day of the fiscal year, a company issues a $7,400,000, 12%, 8-year bond that pays semiannual interest of $444,000 ($7,400,000 12% ),
On the first day of the fiscal year, a company issues a $7,400,000, 12%, 8-year bond that pays semiannual interest of $444,000 ($7,400,000 12% ), receiving cash of $8,201,997.
Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077400163
