Refer to the information for Cookie Dough Corporation below. Cookie Dough Corporation issued $850,000 in 9%, 10-year

Question:

Refer to the information for Cookie Dough below.
Cookie Dough issued $850,000 in 9%, 10-year bonds (payable on December 31, 2030) on January 1, 2021, for $907,759. Interest is paid on June 30 and December 31. The market rate of interest is 8%.
Required:
Prepare the journal entries for December 31, 2022 and 2023.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...