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Phagoah Organics Ltd. has a number of commercial greenhouse operations in British Columbia's Fraser Valley....

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Accounting

Phagoah Organics Ltd. has a number of commercial greenhouse operations in British Columbia's Fraser Valley. To finance the additional real estate and greenhouses necessary to meet the increasing demand for the company's products, the company decided to issue bonds. On January 1, it issued five-year, semi-annual bonds with a face value of $84,000,000. The contract rate on the bonds was 4.5% and the bonds were issued at 95.7 to yield 5.5%. Interest payments are to be made each June 30 and December 31. the proceeds on issuance of the bonds. Proceeds on issuance of the bonds is $ 80388000. prepare the journal entry to record the bonds sale on january 1

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