, 7%. The bond was n January 1, 2018 ABC Corporation issued five-year $1,000 7. O issued at $1,050,000. Interest is paid annu is 6%. (8 marks) ally on December 31. The market rate of interest Required: Prepare the journal entry to record the issuance of the bond at January 1, 2018. a) Date Account Debit Credit b) Using the effective interest rate method, prepare the journal entry to recognize the interest expense at December 31, 2018 Account Date Debit Credit 12/31/18 is the carrying value of the bond at December 31, 2018 an c) What d January 1, 2023 (the maturity date)? December 31, 2018 carrying value s January 1, 2023 carrying value-s