On July 1, 20Y1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42,309,236. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.

Dr cash                                            $42,309,236

Dr Discount on bonds payable       $3,690,764

Cr Bonds payable                                                  $46,000,000

Being issue of bonds at discount

Explanation:

The cash proceeds received from  the bond issuance of $42,309,236 is lower than the face value of the bond of $46,000,000,hence it is safe to say that the bonds were issued at discount of $3,690,764 ($46,000,000-$42,309,236),the correct entries would be to  debit cash account with $42,309,236,debit discount on bonds payable with $ 3,690,764 and credit bonds payable with $46,000,000  

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