Swifty Corporation issued $414,500 of 5-year, 7% bonds at 95 on January 1, 2022. The bonds pay interest annually.

As a manner of responding to truthfulness, the pursuit of excellence is a reciprocal relationship to the ethical. Find

Total cost of borrowing

Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at 104. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 431080 Bonds Payable 414500 Premium on Bonds Payable 16580 X Your answer is incorrect. Compute the total cost of borrowing for these bonds, assuming the bonds were issued at 104. Total cost of borrowing $ 431080