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. 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.
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