Jessmarie3062 Jessmarie3062

02-01-2023
Business

Answered

Bond discount, entries for bonds payable transactions on july 1, 20y1, livingston corporation, a wholesaler of manufacturing equipment, issued $7,400,000 of 5-year, 11% bonds at a market (effective) interest rate of 12%, receiving cash of $7,127,643. interest on the bonds is payable semiannually on december 31 and june 30. the fiscal year of the company is the calendar year.

required:
journalize the entry to record the amount of cash proceeds from the issuance of the bonds on july 1, 20y1.

Answer :

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