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interest each July 1 and January 1. The effective-interest rate is 6%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the
interest each July 1 and January 1. The effective-interest rate is 6%. 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, Martinez uses the effective-interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Cred No. Account Titles and Explanation Date (a) (b) DORO On January 1, 2020, Martinez Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were issued for $478,264, and pay interest each July 1 and January 1. The effective-interest rate is 6%. 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. Martinez uses the effective-interest method. (Round intermediate calculations to 6 decimal places, eg. 1.251247 and final answer to 0 decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Cred Date Account Titles and Explanation Debit (a) (b)
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