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A corporation issues $4,000,000 10-year, 8% bond dated January 1 at 103. The journal entry...

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Accounting

A corporation issues $4,000,000 10-year, 8% bond dated January 1 at 103. The journal entry to record the issuance will include

a credit to Cash for $4,120,000.

a credit to Bonds Payable for $4,000,000.

a debit to Cash for $4,000,000.

a debit to Premium on Bonds Payable for $120,000.

a credit to Interest Expense for $120,000.

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