Cheyenne Co. is building a new hockey arena at a cost of $2,360,000. It received a downpayment of $500,000 from local businessest support the project, and now needs to borrow $1.860.000 to complete the project. It therefore decides to issue $1,860.000 of 10%, 10-year bonds. These bonds were issued on January 1.2019, and pay interest annually on each January 1 The bonds yield 9%. a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds on January 1. 2019. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manualy) Debit Credit Date Account Titles and Explanation

Cheyenne Co. is building a new hockey arena at a cost of $2,360,000. It received a downpayment of $500,000 from local businessest support the project, and now needs to borrow $1.860.000 to complete the project. It therefore decides to issue $1,860.000 of 10%, 10-year bonds. These bonds were issued on January 1.2019, and pay interest annually on each January 1 The bonds yield 9%. a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds on January 1. 2019. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manualy) Debit Credit Date Account Titles and Explanation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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