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Prepare the journal entry to record the issuance of the bond

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Reference no: EM131784179

On January 1, 2014, Park Corporation sold a $604,000, 8 percent bond issue (10 percent market rate). The bonds were dated January 1, 2014, pay interest each June 30 and December 31, and mature in ten years. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

Required:

1. Prepare the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM131784179

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