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Find which correctly describes the related transaction

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On January 1, Year 1, Burton Corporation recorded the following journal entry:

Cash196,000

Discount on Bonds Payable4,000

Bonds Payable 200,000

Question 1: Which of the following correctly describes the related transaction?

Multiple Choice

  1. Burton issued bonds at a $4,000 premium.
  2. Burton issued bonds at 102.
  3. Burton issued bonds at 98.
  4. Burton signed a note payable for $196,000.

Reference no: EM132496038

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