Question: Riverbed Co. is building a new hockey arena at a cost of $2,600,000. It received a down-payment of $460,000 from local businesses to support the project, and now needs to borrow $2,140,000 to complete the project. It therefore decides to issue $2,140,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 11%.
Required: Make the journal entry to record the issuance of the bonds on January 1, 2016.
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