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sveticcg [70]
3 years ago
9

On January 1, Year 1, McClurg Corporation issues 5%, 11-year bonds with a face amount of $70,000 for $76,180. The market interes

t rate is 4%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Mice21 [21]3 years ago
6 0

Answer:

The journal entry for the issuance of the bond is shown below:

Explanation:

The entry to be posted on Jan 1

Cash A/c..............................................Dr   $76,180

    Premium on bonds payable A/c........Cr     $6,180

    Bonds Payable A/c..................................Cr   $70,000

As bonds issued, so cash is increasing and any increase in cash is debited. Therefore, the cash account is debited. But the bonds issued at a premium so the premium on the bonds payable will be credited. And bonds payable account is credited.

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Is the type of competition that occurs in a competitive market without identical producers.
amm1812

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sattari [20]

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