Never Forget Bakery purchased a lot in Oil City six years ago at a cost of $278,000. Today, that lot has a market value of $320,000. At the time of the purchase, the company spent $6,000 to level the lot and another $8,000 to install storm drains.
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Bonds with a face amount of $1,000,000 are sold at 98. The entry to record the issuance is a. Cash 980,000 Discount on Bonds Payable 20,000 Bonds Payable 1,000,000 b. Cash 980,000 Premium on Bonds Payable 20,000 Bonds Payable 1,000,000 c.
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