Business, 20.02.2020 22:35 abbyhammondd
On January 1, 2020, Waterway Corporation issued $560,000 of 7% bonds, due in 10 years. The bonds were issued for $521,948, and pay interest each July 1 and January 1. Waterway 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 8%.
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On January 1, 2020, Waterway Corporation issued $560,000 of 7% bonds, due in 10 years. The bonds wer...
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