On January 1,2013,JetNew Corp.issued $300,000 of 8%,5-year bonds,with annual interest payments on January 1.The bonds were issued when the market rate was higher than 8% and thus JetNew received $265,000 for this bond.Prepare the journal entry to record the issuance of this bond on January 1,2013.Show how this bond would appear on the balance sheet.

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The Answer of On January 1,2013,JetNew Corp.issued $300,000 of 8%,5-year bonds,with annual interest payments on January 1.The bonds were issued when the market rate was higher than 8% and thus JetNew received $265,000 for this bond.Prepare the journal entry to record the issuance of this bond on January 1,2013.Show how this bond would appear on the balance sheet.