Required information [The following information applies to the questions displayed below.] Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $648,412 when the market rate is 6%. equired: Prepare the January 1 journal entry to record the bonds' issuance.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and
December 31. They are issued at $648,412 when the market rate is 6%.
Required:
1. Prepare the January 1 journal entry to record the bonds' issuance.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Legacy issues $660,000 of 5.5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $648,412 when the market rate is 6%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance.
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