Vancroft Corporation issued 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2023, at 97. The journal entry to record the issuance will show a debit to Cash of $4,000,000. debit to Discount on Bonds Payable for $90,000. credit to Bonds Payable for $5,000,000. credit to Cash for $2,000,000

Vancroft Corporation issued 5,000, 10-year, 8%,$1,000 bonds dated January 1 , 2023 , at 97 . The journal entry to record the issuance will show a debit to Cash of $4,000,000. debit to Discount on Bonds Payable for $90,000. credit to Bonds Payable for $5,000,000. credit to Cash for $2,000,000