Question
Asked Dec 31, 2019
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On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 x
11% x 2), receiving cash of $2,889,599.
Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
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On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 x 11% x 2), receiving cash of $2,889,599. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.

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Expert Answer

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Bonds: Bonds are financial debt instruments issued by the corporations to raise for the purposes of purchasing assets, or paying debts...

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Business

Accounting

Financial Accounting