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spin [16.1K]
3 years ago
5

Garcia Company issues 11.5%, 15-year bonds with a par value of $450,000 and semiannual interest payments. On the issue date, the

annual market rate for these bonds is 9.5%, which implies a selling price of 113 3/4.
Required:
Prepare the journal entry for the issuance of these bonds for cash on January 1.
Business
1 answer:
noname [10]3 years ago
4 0

Answer:

                                  Journal Entry

Date   Account Titles and Explanation         Debit          Credit

Jan 1   Cash                                                    $511,875

                Bond payable                                                  $450,000

                Premium on bond payable                             $61,875

                ($450,000*13.75%)

           (To record issue of bonds at premium)

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