On 1/1/19 Farquad, Inc. issued a 10-year bond with a par value of $500,000 and...
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Accounting
On 1/1/19 Farquad, Inc. issued a 10-year bond with a par value of $500,000 and an annual stated rate of 6%. Interest is paid semi-annually, and the market rate (yield) is 8%.
Required: What journal entry should be recorded on 1/1/19 for the issuance of the bond?
Remember to include financial statement effects in parentheses. All journal entry lines may not be necessary.
| Date | Account | Debit | Credit |
|---|---|---|---|
| 1/1/19 |
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