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Wilson Corporation issues 5,000, 10-year, 8%, $1,000 bonds (total face value of $5,000,000) dated January 1 at 104. The journal entry to record the issuance

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Wilson Corporation issues 5,000, 10-year, 8%, $1,000 bonds (total face value of $5,000,000) dated January 1 at 104. The journal entry to record the issuance will show a debit to Cash of $5,000,000 credit to Premium on Bonds Payable for $200,000 O credit to Bonds Payable for $5,040,000 credit to Cash for $5,020,000

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