10.00 points Hetman Corporation issued S65 milion of 9%, 10-year bonds at 106. E

Question

10.00 points Hetman Corporation issued S65 milion of 9%, 10-year bonds at 106. Each of the 65,000 bonds was Prepare the joumal entry to record the issuance of the bonds. (Enter your answers in millions rounded to 1 decimal place (Le, 5,500,000 should be entered as 5.5). If no entry is required for a View transaction list Journal entry worksheet Record the issuance of the bonds. Note: Enter debits before credits Debit Credit General Journal iscount on bonds payable Record entry Clear entry View general journal 2 3 4 5

Explanation / Answer

7. Journal entry for issuance of Bonds(in millions):

Event Account titles Debit(in millions) Credit(in millions) 1 Cash(106%×65 millions) $68.9 Bonds payable $65 Premium on bonds payable(difference) $3.9

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