Question
On the first day of the fiscal year, a company issues a $980,000, 7%, five-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%, five-year bond that pays semiannual interest of $34,300 ($980,000 7% 1/2), receiving cash of $884,176.
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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College Accounting Chapters 1 24
Authors: Douglas J. Mcquaig, Patricia Bille, Tracie L. Nobles
10th Edition
1439037752, 9781439037751
