(solution) Harvard ACCOUNTING FN314 On July 1, 20×5, Benchley Corporation issued bonds with a face value of $600,000.

(solution) Harvard ACCOUNTING FN314 On July 1, 20×5, Benchley Corporation issued bonds with a face value of $600,000.

On July 1, 20×5, Benchley Corporation issued bonds with a face value of $600,000. The bonds carry a face interest rate of 8 percent that is payable each June 1 and December 1 a. Prepare an entry in journal form without explanations to record the issuance assuming the bonds are issued at 100.b. Prepare an entry in journal form without explanations to record the issuance assuming the bonds are issued at 97.c. Prepare an entry in journal form without explanations to record the issuance assuming the bonds are issued at 103.