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On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $6,800,000 of 9-year,...

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Accounting

On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $6,800,000 of 9-year, 8% bonds at a market (effective) interest rate of 10%, receiving cash of $6,005,104. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

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