Coronado Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal entry to record the issuance will show a O credit to Cash for $2678000. O credit to Premium on Bonds Payable for $78000. O debit to Cash of $2600000, O credit to Bonds Payable for $2615600.

Coronado Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal entry to record the issuance will show a O credit to Cash for $2678000. O credit to Premium on Bonds Payable for $78000. O debit to Cash of $2600000, O credit to Bonds Payable for $2615600.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Coronado Industries issues 2600, 10-year, 8%, $1000 bonds dated January 1, 2020, at 103. The journal entry to record the issuance
will show a
O credit to Cash for $2678000.
O credit to Premium on Bonds Payable for $78000.
O debit to Cash of $260000.
O credit to Bonds Payable for $2615600.
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