On January 1, 2012, Kensington Valley Company issued bonds with a face value of $800,000. The bonds have a stated interest of 7% payable on January 1 and July 1.
Required:
1. Prepare the journal entry for the issuance of the bonds if issued at 97.
2. Prepare the journal entry for the issuance of the bonds if issued at 102.

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The Answer of On January 1, 2012, Kensington Valley Company issued bonds with a face value of $800,000. The bonds have a stated interest of 7% payable on January 1 and July 1.
Required:
1. Prepare the journal entry for the issuance of the bonds if issued at 97.
2. Prepare the journal entry for the issuance of the bonds if issued at 102.

On January 1, 2012, Kensington Valley Company Issued Bonds with a Face