Question: Statement 1: When bonds are issued at a discount, the bonds payable account is credited for the proceeds from the issue. Statement 2: When bonds

Statement 1: When bonds are issued at a discount, the bonds payable account is credited for the proceeds from the issue. Statement 2: When bonds are issued at a premium, the bonds payable account is credited for the face amount. Only statement 2 is true Both statements are false Only statement 1 is true Both statements are true

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