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Borges Distributors sells snack and candy to local stores. On March 1, 2010, Borges issued...

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Accounting

Borges Distributors sells snack and candy to local stores. On March 1, 2010, Borges issued $5,000,000 of 10-year, 14% bonds at an effective interest rate of 12%. Interest is payable semiannually on March 1 and September1. Journalize the entries to record the following:

  1. Sale of bonds on March 1, 2010. Use the tables on present values in Appendix A of your textbook to determine the present value of the bond issue. Round to nearest dollar.

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