Riverbed Co. is building a new hockey arena at a cost of $2, 460,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $1, 960,000 to complete the project. It therefore decides to issue $1, 960,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1.The bonds yield 9%. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places e.g. 58, 971. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Show transcribed image text Riverbed Co. is building a new hockey arena at a cost of $2, 460,000. It received a downpayment of $500,000 from local businesses to support the project, and now needs to borrow $1, 960,000 to complete the project. It therefore decides to issue $1, 960,000 of 10%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1.The bonds yield 9%. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places e.g. 58, 971. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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