On the first day of the fiscal year, a company issues a $990,000, 8%, 5-year bond that pays semiannual interest of $39,600 ($990,000 x 8% x 1/2), receiving cash of $884,178. Journalize the entry for the issuance of the bonds. If an amount box does not require an entry, leave it blank. Cash Discount on Bonds Payable Bonds Payable 884,173 X 115,827 X 1,000,000 X

On the first day of the fiscal year, a company issues a $990,000,8%,5-year bond that pays semiannual interest of $39,600 ( $990,00083 s 1/2), receiving cash of $884,178, Journalize the entry for the issuance of the bonds. If an amount box does not require an entry, leave it blank