On July 1, 1998, South Carolina Table Company issued ($ 600,000) face value of (10 %, 10)-year

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On July 1, 1998, South Carolina Table Company issued $\$ 600,000$ face value of $10 \%, 10$-year bonds. The bonds call for semiannual interest payments and mature on July 1, 2008. The company received cash of $\$ 531,180$, a price that yields $12 \%$.

Assume that the company's fiscal year ends on March 31. Prepare journal entries (to the nearest dollar) to record the bond interest expense on January 1, 1999, and the adjustment needed on March 31, 1999, using the interest method. Calculate all amounts to the nearest dollar.

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