A company issued 10-year, 9% bonds, with a par value of $500,000 when the market rate was 9.5%. The issuer received $484,087 in cash proceeds. Prepare the issuer's journal entry to record the bond issuance.
What will be an ideal response?
| Cash | 484,087 | ? |
| Discount on Bonds Payable | 15,913 | ? |
| Bonds Payable | ? | 500,000 |
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