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ABC Inc. issued $10,000,000 worth of bonds on January 1st, 2018. The bonds mature on December 31st, 2027 and carry a coupon rate of 6%

ABC Inc. issued $10,000,000 worth of bonds on January 1st, 2018. The bonds mature on December 31st, 2027 and carry a coupon rate of 6% payable semi-annually on June 30th and December 31st of each year. A market interest rate of 8% was effective throughout 2018.

Prepare all journal entries required during 2018.

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