Larsen Corporation issued a $400,000, 5.5%, 10-year bonds payable at 101 on January 1, 2007. The bonds are retired on 1/1/2017. Prepare the journal entries on the date issuance and at the date of retirement
What will be an ideal response
1/1/2007 Cash $ 404,000
Premium on Bonds Payable $ 4,000
Bonds Payable 400,000
1/1/2017 Bonds Payable 400,000
Cash 400,000
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