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Question
Bonds with a face amount of $1,000,000 are sold at 106. The journal entry for the issuance is
a. Cash 1,000,000
Premium on Bonds Payable 60,000
Bonds Payable 1,060,000
b. Cash 1,060,000
Premium on Bonds Payable 60,000
Bonds Payable 1,000,000
c. Cash 1,060,000
Discount on Bonds Payable 60,000
Bonds Payable 1,000,000
d. Cash 1,060,000
Bonds Payable 1,060,000
Answer
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