Question: Current Attempt in Progress Pharoah Ltd. issued 350,000, 10%, 10-year bonds on January 1, 2020, for 372,462. This price resulted in an effective-interest rate of

Current Attempt in Progress Pharoah Ltd. issued 350,000, 10%, 10-year bonds on January 1, 2020, for 372,462. This price resulted in an effective-interest rate of 9% on the bonds. Interest is payable annually on January 1. Pharoah uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit

Pharoah Ltd. issued 350,000,10%,10-year bonds on January 1,2020 , for 372,462. This price resulted in an effective-interest rate of 9% on the bonds. Interest is payable annually on January 1. Pharoah uses the effective-interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e. 15,250. Credit account titles ore outomatically indented when amount is entered. Do not indent manually)

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