Do It! Review 10-3a Indigo Corporation issues $405,000 of bonds for $425,250. Pr

Question

Do It! Review 10-3a Indigo Corporation issues $405,000 of bonds for $425,250. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Show how the bonds would be reported on the balance sheet at the date of issuance. INDIGO CORPORATION Balance Sheet (Partial) $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Journal entry :

Balance sheet :

Date account & explanation debit credit Cash 425250 Bonds payable 405000 Premium on bonds payable 20250 (To record bond issue)

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