The hayden corporation issues 1,000, 10-year, 8%, $2,000 bonds dated january 1 at 92. the journal entry to record the issuance will show a credit to cash for $1,840,000 debit to cash of $2,000,000 credit to discount on bonds payable for $160,000 credit to bonds payable for $2,000,000

credit to Bonds Payable for $2,000,000

Explanation:

The journal entry is shown below:

Cash A/c Dr $1,840,000             (1,000 shares × $2,000 × 92%)

Discount on on bonds payable A/c $160,000          (1,000 shares × $2,000 × 8%)

     To Bonds payable A/c $2,000,000    (1,000 shares × $2,000)

(Being bond is issued at a discount is recorded)

When the bond is issued, the cash account and the discount on the bonds payable were debited and the bonds payable were credited.

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