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Prepare the journal entry to record the issuance of the bond

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Problem 

On January 1, 2017, Cheyenne Corporation issued $1,640,000 face value, 5%, 10- year bonds at $1,409,627. This price resulted in an effective-interest rate of 7% on the bonds. Cheyenne uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.

Prepare the journal entry to record the issuance of the bonds on January 1, 2017.

Reference no: EM132316683

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