Problem 14-2 (Part Level Submission)

RiverbedCo. is building a new hockey arena at a cost of $2,600,000. It received a downpayment of $460,000from local businesses to support the project, and now needs to borrow $2,140,000to complete the project. It therefore decides to issue $2,140,000of12%,10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield11%.

Problem 14-2 (Part Level Submission) Riverbed Co. is building a ney.I hockey arena at a cost of $2,600,000. It received a downpayment of $460,000 from local businesses to support the project, and now needs to borrowI $2,140,000 to complete the project. It therefore decides to issue $2,140,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 11%. V (a) / Your answer is partially correct. Try again. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. {Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select \"No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Amount Tltlls and Eanlanaon '-t\"\"\"\"":mmi