On January 1, 2017, Bronson Corporation issued five-year, 2% bonds payable with a face value of $2,300,000. The bonds were issued at 88 and pay interest on January 1 and July 1. Bronson amortizes bond discounts using the straight-line method. On December 31, 2019, Bronson retired the bonds early by purchasing them at a market pri of 90. The company's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize the issuance of the bonds on January 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2017 Jan 1 Journal Entry Accounts Debit Credit
On January 1, 2017, Bronson Corporation issued five-year, 2% bonds payable with a face value of $2,300,000. The bonds were issued at 88 and pay interest on January 1 and July 1. Bronson amortizes bond discounts using the straight-line method. On December 31, 2019, Bronson retired the bonds early by purchasing them at a market pri of 90. The company's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize the issuance of the bonds on January 1, 2017. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2017 Jan 1 Journal Entry Accounts Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2017, Bronson Corporation issued five-year, 2% bonds payable with a face value of $2,300,000. The
bonds were issued at 88 and pay interest on January 1 and July 1. Bronson amortizes bond discounts using
the straight-line method. On December 31, 2019, Bronson retired the bonds early by purchasing them at a market price
of 90. The company's fiscal year ends on December 31.
Read the requirements.
Requirement 1. Journalize the issuance of the bonds on January 1, 2017. (Record debits first, then credits. Exclude
explanations from any journal entries.)
Date
2017
Jan 1
Journal Entry
Accounts
Debit
Credit
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