On january 1, a company issues bonds dated january 1 with a par value of $340,000. the bonds mature in 5 years. the contract rate is 11%, and interest is paid semiannually on june 30 and december 31, the market rate is 10% and the bonds are sold for $353,122. the journal entry to record the issuance of the bond is: multiple choice 122 credi bonds payebie $353122 debit cash $353,122: credit bonds payable $353,122 debit cash $340,000, debit premium on bonds payable $13.122; credit bonds payable $353122. discussions so con debit cash $353122; credit discount on bonds payable $13122: credit bonds payable $340,000 debit bonds payable $340,000, debit bond interest expense $13,122; credit cash $353.122 debit cash $353122 credit premium on bonds payable $13,122; credit bonds payable

Debit Cash $353122 credit Premium on Bonds Payable $13,122; credit Bonds Payable $340,000

Explanation:

The journal entry for recording the issuance of the bond is shown below:

Cash A/c Dr $353,122

      To Premium on Bonds Payable $13,122

      To Bonds payable $340,000

(Being issuance of the bond is recorded and the remaining balance is credited to the Premium on Bonds Payable)

Remaining balance = Sale value of the bond  - issued value of the bond

= $353,122 - $340,000

= $13,122

the correct answer is - no.

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