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Find and journalize the bond issuance

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Issuing Bonds at a Discount

On the first day of the fiscal year, a company issues a $1,300,000, 11%, 8-year bond that pays semiannual interest of $71,500 ($1,300,000 × 11% × ½), receiving cash of $1,234,313.

Problem 1: Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

Accounts Payable
Bonds Payable
Cash
Interest Expense
Interest Payable
Premium on Bonds Payable

Reference no: EM132696556

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