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Vaughn Inc. issued $$4,380,000$ par value, $7\%$ convertible bonds at $99$ for cash. If the bonds had not included the conversion feature, they would have sold for $95.$

Prepare the journal entry to record the issuance of the bonds. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Cash

Discount on Bonds Payable

$4076466$

Bonds Payable

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List of Accounts