A corporation issued $1,000,000 of 11%, five-year bonds that pay semiannual interest of...
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Accounting
A corporation issued
$1,000,000
of
11%
, five-year bonds that pay semiannual interest of
$55,000
, receiving cash of
$1,038,606
. At issuance, the corporation should record: a debit to Bonds Payable of
$1,038,606
.\ a credit to Bonds Payable of
$1,038,606
.\ a credit to Bonds Payable of
$1,000,000
.\ a credit to Cash of
$1,000,000
.
A corporation issued $1,000,000 of 11%, five-year bonds that pay semiannual interest of $55,000, receiving cash of $1,038,606. At issuance, the corporation should record: a debit to Bonds Payable of $1,038,606. a credit to Bonds Payable of $1,038,606. a credit to Bonds Payable of $1,000,000. a credit to Cash of $1,000,000
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