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Harrison Harrison
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4 years ago
On January 1, 2013, JetNew Corp. issued $300,000 of 8%, 5-year bonds, with annual interest payments on January 1. The bonds were issued when the market rate was higher than 8% and thus JetNew received $265,000 for this bond. Prepare the journal entry to record the issuance of this bond on January 1, 2013. Show how this bond would appear on the balance sheet.
Textbook 

Financial Accounting, Canadian Edition


Edition: 5th
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AlexmosutheAlexmosuthe
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4 years ago
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More questions for this book are available here
Jan.1   Cash      265,000
   Discount on Bonds Payable   35,000
      Bonds Payable      300,000
   
Long-term Liabilities:
   Bonds Payable 8% due 2015   $300,000
   Less: Discount on bonds payable   35,000
               $265,000
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