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On January 1, 2024, Entity B issued $500,000, 8% bonds payable at 103 in order...

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Accounting

On January 1, 2024, Entity B issued $500,000, 8% bonds payable at 103 in order to finance a new venture. The bonds mature in 5 years and pay interest annually on December 31. The journal entry to record issuance of the bonds includes: On January 1, 2024, Entity B issued $500,000, 8% bonds payable at 103 in order to finance a new venture. The bonds mature in 5 years and pay interest annually on December 31. The journal entry to record issuance of the bonds includes:

a. a credit to bonds payable of $515,000

b. a debit to cash of $515,000

c. a debit to bond interest expense of $37,000

d. a debit to discount on bonds payable of $15,000

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