The Amazing Widget Company issues $539,000 of 7%,10-year bonds at 104 on March 31, 2017....
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The Amazing Widget Company issues $539,000 of 7%,10-year bonds at 104 on March 31, 2017. The bonds pay interest on March 31 and September 30. Assume that the company uses the straight-line method for amortization. The journal entry to record the issuance includes a credit to Bonds Payable for $560,560 debit to Cash for $560,560 debit to Premium on Bonds Payable for $21,560 debit to Cash for $539,000
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