On January 1, 2019, Desmond Corporation sold $600,000, 8% bonds (7% APR market rate) for $620,621. The bonds were dated January 1, 2019, paying interest each June 30 and December 31, and mature in 4 years. Required 1. Prepare the journal entry to record the issuance of the bonds. 2. Prepare the journal entries to record the interest payments on June 30, 2019, and December 31, 2019, using the effective-interest amortization method. 3. Show how the bond interest expense and bonds payable amounts should be reported on the December 31, 2019 income statement and balance sheet.
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On January 1, 2019, Desmond Corporation sold $600,000, 8% bonds (7% APR market rate) for $620,621. T...
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