Question
On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5 year bond that pays semi-annual interest of $35,000 ($1,000,000 *
On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5 year bond that pays semi-annual interest of $35,000 ($1,000,000 * 7% * 1/2), receiving cash of $899,154. Journalize the entry to record the issuance of the bonds.
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An Internal Audit
Authors: Mette Marx
1st Edition
0998140910, 978-0998140919
