East Liberty Corp

question 44

Essay

East Liberty Corp.received authorization on December 31,2017,to issue $7,000,000 face value of 6%,ten-year bonds.The interest payment dates are June 30 and December 31.All the bonds were issued at par,plus accrued interest,April 1,2018.The bonds are callable by East Liberty at any time at 102.
Required
Determine the impact on the accounting equation of the journal entry to record issuance of the bonds on April 1,2018.

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