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Date | Account Titles and Explanation | Debit | Credit | |
January 1, 2017 | Cash | $ 71,29,500 | ||
Discount on bonds payable | $ 2,20,500 | |||
Bonds Payable | $ 73,50,000 | |||
(To record issuance of bonds) | ||||
Working: | ||||
Issued Price | = | $ 73,50,000 | * | 97% |
= | $ 71,29,500 | |||
Discount on bonds payable | = | Face Value | - | Proceeds |
= | $ 73,50,000 | - | $ 71,29,500 | |
= | $ 2,20,500 |
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