On January 1, Year 1, Bluestone Company issued bonds with a face value of $500,000 at 90. Which of the following journal entries would be required to record the bond issue?
A.
| Cash | 500,000 | |
| Bonds Payable | 500,000 |
B.
| Cash | 450,000 | |
| Premium on Bonds Payable | 50,000 | |
| Bonds Payable | 500,000 |
C.
| Cash | 500,000 | |
| Discount on Bonds Payable | 50,000 | |
| Bonds Payable | 550,000 |
D.
| Cash | 450,000 | |
| Discount on Bonds Payable | 50,000 | |
| Bonds Payable | 500,000 |
Answer: D
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