Business

28 March, 10:57

Bonds with a face amount of $1,000,000 are sold at 106. The journal entry to record the issuance is:

a) Cash 1,000,000; Premium on Bonds Payable 60,000; Bonds Payable 1,060,000

b) Cash 1,060,000; Premium on Bonds Payable 60,000; Bonds Payable 1,000,000

c) Cash 1,060,000; Discount on Bonds Payable 60,000; Bonds Payable 1,000,000

d) Cash 1,060,000; Bonds Payable 1,060,000

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