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Compute the journal entry to record the issuance

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Problem - Pearl Co. is building a new hockey arena at a cost of $2,620,000. It received a down payment of $450,000 from local businesses to support the project, and now needs to borrow $2,170,000 to complete the project. It therefore decides to issue $2,170,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9%.

Compute the journal entry to record the issuance of the bonds on January 1, 2016?

Reference no: EM132140755

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