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On January 1, a company issues bonds dated January 1 with a par value of


$290,000. The bonds mature in 5 years. The contract rate is 7%, and interest is


paid semiannually on June 30 and December 31. The market rate is 6% and


the bonds are sold for $302,371. The journal entry to record the issuance of


the bond is:

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cindylilyso2007
7 percent times 290000 in your calculator. $290000 take away the answer. You will get the answer for January the 1st. 6 percent times 302371. 302371 take away the answer. You will have the answer for June 30 and December 31. You will have to plus them all together to get the bond.

Answer:

7 percent times 290000 in your calculator. $290000 take away the answer. You will get the answer for January the 1st. 6 percent times 302371. 302371 take away the answer. You will have the answer for June 30 and December 31. You will have to plus them all together to get the bond.

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Explanation:

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