Lion Corp issued a 10%, $400,000, 8-year bonds at 104. The entry to record the issuanceof the bonds is to:O None of the choices are correct.O debit Cash $400,000; debit Premium on Bonds Payable $16,000; credit Bonds Payable $416,000.O debit Cash $400,000; credit Bonds Payable $400,000.O debit Cash $416,000; credit Bonds Payable $416,000.O debit Cash $416,000; credit Bonds Payable $400,000; credit Premium on Bonds Payable $16,000.

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Lion Corp issued a 10%, $400,000, 8-year bonds at 104. The entry to record the issuance of the bonds is to: None of the choices are correct. O debit Cash $400,000; debit Premium on Bonds Payable $16.000; credit Bonds Payable $416,000. debit Cash $400,000; credit Bonds Payable $400,000. debit Cash $416,000: credit Bonds Payable $416,000. debit Cash $416,000; credit Bonds Payable $400,000; credit Premium on Bonds Payable $16,000.

Lion Corp issued a 10%, $400,000, 8-year bonds at 104. The entry to record the issuance of the bonds is to: None of the choices are correct. O debit Cash $400,000; debit Premium on Bonds Payable $16.000; credit Bonds Payable $416,000. debit Cash $400,000; credit Bonds Payable $400,000. debit Cash $416,000: credit Bonds Payable $416,000. debit Cash $416,000; credit Bonds Payable $400,000; credit Premium on Bonds Payable $16,000.

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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