On 1st january 2010 jacob issues 800000 of 9 percent

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On 1^st January, 2010, Jacob issues $800,000 of 9 percent, 13-year bonds at a price of 96½. Six years later, on January 1, 2016, Jacob retires 20 percent of these bonds by buying them on the open market at 105½. All interest is accounted for and paid through 31^st December, 2015, the day before the purchase. The straight-line method is used to amortize any bond discount or premium. Find what is the journal entry to record the issuance of bonds on 1^st January, 2010?

Reference no: EM13370895

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