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question 10

Multiple Choice

[The following information applies to the questions displayed below.]
On April 1,Year 1,Greenway Corporation issues $20 million of 10%,20-year bonds payable at par.Interest on the bonds is payable semiannually each April 1 and October 1.
-The journal entry to record the first cash payment to bondholders on October 1,year 1,will include:

• A)A credit to Cash of $2,000,000.
• B)A debit to Bonds Payable of $1,000,000.
• C)A debit to Interest Expense of $1,000,000.
• D)A credit to Interest Payable of $1,000,000.

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