1\ On February 1, Year 1, a company issued

9%

bonds, dated February 1, with a face amount of

$720,000

.\ The bonds sold for

$658,231

and mature on January 31, Year 21 (20 years).\ The market yield for bonds of similar risk and maturity was

10%

.\ Interest is paid semiannually on July 31 and January 31.\

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\ The company's fiscal year ends December 31.\ Required:\ to 4. Prepare the journal entries to record their issuance by the company on February 1, Year 1, interest on July 31 , Year 1 (at the effective rate), adjusting entry to accrue interest on December 31, Year 1 and interest on January 31, Year 2.\ Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.\ Journal entry worksheet\ 1\ 2\ 3\ 4\ Record the issuance of the bond on February 1, Year 1.\ Note: Enter debits before credits.\ \\\\table[[Date,General Journal,Debit,Credit],[February 01, Year 1,,,]]

On February 1, Year 1, a company issued 9% bonds, dated February 1, with a face amount of $720,000. - The bonds sold for $658,231 and mature on January 31 , Year 21 (20 years). - The market yield for bonds of similar risk and maturity was 10%. - Interest is paid semiannually on July 31 and January 31. - The company's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by the company on February 1, Year 1, interest on July 31 , Year 1 (at the effective rate), adjusting entry to accrue interest on December 31, Year 1 and interest on January 31, Year 2. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field