On the first day of the fiscal year, a company issues a' $5,300,000, 8%, five-year bond...

 

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On the first day of the fiscal year, a company issues a' $5,300,000, 8%, five-year bond that pays semiannual interest of $212,000 ($5,300,000 x 8% x 1/2), receiving cash of $5,520,390. Journalize the bond issuance. On the first day of the fiscal year, a company issues a' $5,300,000, 8%, five-year bond that pays semiannual interest of $212,000 ($5,300,000 x 8% x 1/2), receiving cash of $5,520,390. Journalize the bond issuance.

Answer rating: 100% (QA)

The journal entry to record the bond issuance would be as ... View the full answer