Problem 14-2 (Part Level Submission)
Flint Co. is building a new hockey arena at a cost of$2,360,000. It received a downpayment of $510,000 from localbusinesses to support the project, and now needs to borrow$1,850,000 to complete the project. It therefore decides to issue$1,850,000 of 11%, 10-year bonds. These bonds were issued onJanuary 1, 2016, and pay interest annually on each January 1. Thebonds yield 10%.
(a)Prepare the journal entry to record the issuance of the bondson January 1, 2016. (Round present value factor calculations to 5decimal places, e.g. 1.25124 and the final answer to 0 decimalplaces e.g. 58,971. If no entry is required, select “No Entry” forthe account titles and enter 0 for the amounts. Credit accounttitles are automatically indented when amount is entered. Do notindent manually.)
Date
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