Sunland

C_(0)

. is building a new hockey arena at a cost of

$2,680,000

. It received a downpayment of

$500,000

from local businesses to support the project, and now needs to borrow

$2,180,000

to complete the project. It therefore decides to issue

$2,180,000

of

10.0%,10

-year bonds. These bonds were issued on January 1,2024 , and pay interest annually on each January 1 . The bonds yield

9%

.\ Click here to view factor table.\ (a)\ Prepare the journal entry to record the issuance of the bonds on January 1,2024. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places, e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)\ \\\\table[[Date Account Titles and Explanation Debit Credit],[January 1, 2024],[

q,

Discount on Bonds Payable]]

Sunland Co. is building a new hockey arena at a cost of $2,680,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $2,180,000 to complete the project. It therefore decides to issue $2,180,000 of 10.0%,10-year bonds. These bonds were issued on January 1,2024 , and pay interest annually on each January 1 . The bonds yield 9%. Click here to view factor table. (a) Prepare the journal entry to record the issuance of the bonds on January 1,2024. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places, e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)