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Prepare the journal entry to record the issuance of bonds

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Question - On January 1, 2017, Sarasota Corporation issued $1,740,000 face value, 8%, 10- year bonds at $1,628,333. This price resulted in an effective-interest rate of 9% on the bonds. Sarasota uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.

Required - Prepare the journal entry to record the issuance of the bonds on January 1, 2017.

Reference no: EM132539155

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