Whitmore Company issued $690,000of 5-year,7% bonds at98on January 1, 2017. The bonds pay interest annually.

Prepare the journal entry to record the issuance of the bonds.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS

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Compute the total cost of borrowing for these bonds.

Total cost of borrowing

$

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at101.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Compute the total cost of borrowing for these bonds, assuming the bonds were issued at101.

Total cost of borrowing

$