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On January 1, Year 1, Hanover Corporation issued bonds with a $40,250 face value, a...

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Accounting

On January 1, Year 1, Hanover Corporation issued bonds with a $40,250 face value, a stated rate of interest of 7%, and a 5-year term to maturity. The bonds were issued at 98. Hanover uses the straight-line method to amortize bond discounts and premiums. Interest is payable in cash on December 31 each year. The journal entry used to record the issuance of the bond and the receipt of cash would be: (Round your answer to the nearest whole dollar amount.)

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