Yanik Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 97. The journal entry to record the issuance will show a A. debit to Cash of $5,000,000. B. debit to Discount on Bonds Payable for $150,000. C. credit to Cash for $4,850,000. D. credit to Bonds Payable for $4,850,000.
Yanik Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 97. The journal entry to record the issuance will show a A. debit to Cash of $5,000,000. B. debit to Discount on Bonds Payable for $150,000. C. credit to Cash for $4,850,000. D. credit to Bonds Payable for $4,850,000.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 17MC: Huang Inc. issued 100 bonds with a face value of $1,000 and a 5-year term at $960 each. The journal...
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Yanik Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 97. The
A. debit to Cash of $5,000,000.
B. debit to Discount on Bonds Payable for $150,000.
C. credit to Cash for $4,850,000.
D. credit to Bonds Payable for $4,850,000.
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