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Brief Exercise 14-6 On January 1, 2017, Flint Corporation issued $490,000 of 7% bonds, due in 8 years. The bonds were issued for $461,453, and
Brief Exercise 14-6 On January 1, 2017, Flint Corporation issued $490,000 of 7% bonds, due in 8 years. The bonds were issued for $461,453, and pay interest each July 1 and January 1 Flint uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective- interest rate of 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251 247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation No. Date Debit Credit (a) Jan. 1, 2017 (b) (c)
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