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Question
Glenn Corporation issues a $2,000,000, 8%, 10-year bond dated January 1 at 96. The journal entry for the issuance will show a
a. debit to Discount on Bonds Payable for $80,000
b. debit to Cash for $2,000,000
c. credit to Bonds Payable for $1,920,000
d. credit to Cash for $1,920,000
Answer
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