Make a journal entry for both of these bonding actions. Be sure to include relevant infomation like dates, etc. On January 1 2021, a bond of $50,000 was issued to Jacob's Footwear Inc. for a discount of 98%. The next year on the same day, another bond for $60,000 was issued, but this time at a premium of 104% due to increased inflation.
Make a journal entry for both of these bonding actions. Be sure to include relevant infomation like dates, etc. On January 1 2021, a bond of $50,000 was issued to Jacob's Footwear Inc. for a discount of 98%. The next year on the same day, another bond for $60,000 was issued, but this time at a premium of 104% due to increased inflation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1 2021, a bond of $50,000 was issued to Jacob's Footwear Inc. for a discount of 98%.
The next year on the same day, another bond for $60,000 was issued, but this time at a premium of 104% due to increased inflation.
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