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3. On January 1, 2017, Nextel Corp issued $755,000 of 7% bonds due in 20 years. The bonds were issued for $703,698 and pay interest

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3. On January 1, 2017, Nextel Corp issued $755,000 of 7% bonds due in 20 years. The bonds were issued for $703,698 and pay interest each July 1 and January 1. Nextel Corp uses the effective interest method. Prepare the journal entries for a. the January 1 issuance and b. the July 1 interest payment and the December 31 adjusting entry. Assume an effective interest rate of 8%

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