Peak Enterprises issued bonds with a face value of $500,000,receiving cash of $508,000.To record this event,Bonds Payable should be credited for $500,000.

Name: Peak Enterprises issued bonds with a face value of $500,000,receiving cash of $508,000.To record this event,Bonds Payable should be credited for $500,000.
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Issuing these bonds is recorded as a debit (increase)to cash of $508,000,a credit (increase)to bonds payable of $500,000,and a credit (increase)to premium on bonds payable of $8,000.

Peak Enterprises Issued Bonds with a Face Value of $500,000,receiving