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11. Ted's Lounge plans to issue $500,000, 10-year, 4% bonds. Interest is payable annually on...

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Accounting

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11. Ted's Lounge plans to issue $500,000, 10-year, 4% bonds. Interest is payable annually on December 31. All of the bonds will be issued on January 1, 2015 at 98. What is the journal entry on January 1st? Show how the bonds would be reported on the January 2, 2015, balance sheet on the diagram below. [3/4 point] Ted's Lounge Balance Sheet. [Fill in the blanks] Bonds Payable $ Carrying Value $

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