Westerfelt Shops Issued 3,000 Debentures on January 1,20X9 $\begin{array} { l l l } \text { Cash } & 3,060,000 & \\\text { Eonds Tayable } & & 3,000,000 \\\end{array}$

Westerfelt Shops issued 3,000 debentures on January 1,20X9.The debentures were 12-year,7% debt,which paid interest semi-annually,every June 30 and December 31.The face value of each debenture is $1,000.If the market rate of interest is 7% on January 1,20X9,what is the journal entry to record the issuance of the bonds?

A) $\begin{array} { l l l } \text { Cash } & 3,060,000 & \\\text { Eonds Tayable } & & 3,000,000 \\\end{array}$

B) $\begin{array}{lccc}\text { Fonds Tayable } & 3,000,000 & \\\text { Cash } & & 3,000,000 \\\end{array}$

C) $\begin{array}{lccc}\text { Eonds Receivable } & 3,000,000 & \\\text { Cash } & & 3,000,000 \\\end{array}$

D) $\begin{array}{lccc}\text { Eonds Receivable } & 3,000,000 & \\\text { Eonds Payable } & & 3,000,000\end{array}$
E) Cannot be determined from the information given