Question
During the year, Shor Company issued several series of bonds. For each bond, record the journal entry that must be made upon the issuance date. (Round to the nearest dollar; a calculator is needed for 2 and 3.)
On January 20, a series of 15-year, $1,000 par value bonds with annual interest of 8 percent was issued at a price giving a current yield to maturity of 6.5 percent. Issuance costs for the 7,000 bonds issued were $250,000. Interest is paid annually
On January 20, a series of 15-year, $1,000 par value bonds with annual interest of 8 percent was issued at a price giving a current yield to maturity of 6.5 percent. Issuance costs for the 7,000 bonds issued were $250,000. Interest is paid annually
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