Business, 11.02.2020 00:15 myiacoykendall

On January 1, 2020, Tamarisk Corporation issued $700,000 of 9% bonds, due in 8 years. The bonds were issued for $740,784, and pay interest each July 1 and January 1. The effective-interest rate is 8%.
Required:
1. 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. Tamarisk uses the effective-interest method. (Round intermediate calculations to 6 decimal places, e. g. 1.251247 and final answer to 0 decimal places, e. g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

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On January 1, 2020, Tamarisk Corporation issued $700,000 of 9% bonds, due in 8 years. The bonds were...