Question: How do I determine a journal entry to record the issuance of bonds? Problem 10-10A (Part Level Submission) On January 1, 2017, Cheyenne Corporation issued

How do I determine a journal entry to record the issuance of bonds?

of bonds? Problem 10-10A (Part Level Submission) On January 1, 2017, Cheyenne

Problem 10-10A (Part Level Submission) On January 1, 2017, Cheyenne Corporation issued $1,640,000 face value, 5%, 10- year bonds at $1,409,627. This price resulted in an effective-interest rate of 7% on the bonds. Cheyenne uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. V (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Ties and Explanation Debit Credit Jan. 1 Eg Click if you would like to Show Work for this question: Qpen Show Work

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