On January 1, 2020, Skysong Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were issued for $590,745

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On January 1 2020 Skysong Corporation Issued 630 000 Of 9 Bonds Due In 10 Years The Bonds Were Issued For 590 745 1 (91.73 KiB) Viewed 38 times

On January 1, 2020, Skysong Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were issued for $590,745, and pay interest each July 1 and January 1. Skysong uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)