On January 1,Year 1,Kitchen Concepts,Inc.issued five-year,$10,000,000,9% notes at 98 ($9,800,000).The discount at the time of issuance was $200,000.Interest is paid semiannually on June 30,and December 31.
Required:
A) Provide the journal entry to record the issuance of the bonds on January 1, Year 1.

Question

On January 1,Year 1,Kitchen Concepts,Inc.issued five-year,$10,000,000,9% notes at 98 ($9,800,000).The discount at the time of issuance was $200,000.Interest is paid semiannually on June 30,and December 31.
Required:
 A) Provide the journal entry to record the issuance of the bonds on January 1, Year 1.

Quizplus · Accepted Answer

The Answer of On January 1,Year 1,Kitchen Concepts,Inc.issued five-year,$10,000,000,9% notes at 98 ($9,800,000).The discount at the time of issuance was $200,000.Interest is paid semiannually on June 30,and December 31.
Required:
 A) Provide the journal entry to record the issuance of the bonds on January 1, Year 1.