Current Attempt in Progress

On January $1,2025,$ Blue Corporation issued $$500,000$ of $7\%$ bonds, due in $10$ years. The bonds were issued for $$466,025,$ and pay

interest each July $1$ and January $1.$ Blue 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 answers 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 the amount is entered. Do not

indent manually. List all debit entries before credit entries.$)$

No$.$

Date

Account Titles and Explanation

Debit

Cred

$($a$)$

$($b$)$

$($c$)$