Sunland Corporation issues 5600, 10-year, 10%, $1000 bonds dated January 1, 2027, at 101. The journal entry to record the issuance will include a O credit to Premium on Bonds Payable for $56000 O credit to Bonds Payable for $5611200 O credit to Cash for $5656000 O debit to Cash of $5600000.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
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Sunland Corporation issues 5600, 10-year, 10%, $1000 bonds dated January 1, 2027, at 101. The journal entry to record the issuance
will include a
O credit to Premium on Bonds Payable for $56000.
O credit to Bonds Payable for $5611200
O credit to Cash for $5656000.
O debit to Cash of $5600000.
Transcribed Image Text:Sunland Corporation issues 5600, 10-year, 10%, $1000 bonds dated January 1, 2027, at 101. The journal entry to record the issuance will include a O credit to Premium on Bonds Payable for $56000. O credit to Bonds Payable for $5611200 O credit to Cash for $5656000. O debit to Cash of $5600000.
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