On January 1, 2020, Marigold Company sold 12% bonds having a maturity value of $650,000 for $699,280, which provides the

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On January 1 2020 Marigold Company Sold 12 Bonds Having A Maturity Value Of 650 000 For 699 280 Which Provides The 1 (86.24 KiB) Viewed 18 times

On January 1, 2020, Marigold Company sold 12% bonds having a maturity value of $650,000 for $699,280, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Marigold Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Prepare the journal entry at the date of the bond issuance. (Round answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation January 1, 2020 Debit Credit