Multiple Choice Question 68 On January 1, 2017, Sheridan Company issued S3900000

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Multiple Choice Question 68 On January 1, 2017, Sheridan Company issued S3900000 10 year, 4% bonds at 102. Interest is payable annually on January 1 The our al entry to record this transaction on January , 2017 s Cash 3978000 Bonds Payable Premium on Bonds Payable 3900000 78000 Cash 3978000 Bonds Payable 978000 Premium on Bonds Payable Cash 8000 Bonds Payable 3978000 Cash 3900000 Bonds Payable 900000 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBHET ANSWER

Explanation / Answer

Option A is correct.

General Journal Debit Credit Cash($3,900,000 * 1.02) $3,978,000 Bonds payable $3,900,000 Premium on bonds payable $78,000

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