1. On January 1, 2000, Clearwater Corporation sold bonds with a face value of $750,000 and a coupon rate of 9%. The bonds mature in 8 years and pay interest annually every December 31. Clearwater uses the straight-line amortization method. Assume an annual market rate of interest of 10%. (80 POINTS)

Required:

1. Provide the journal entry to record the issuance of the bonds
2. Provide a journal entry to record the interest payment on December 31 of this year.
3. What bonds payable will Clearwater report on December 31, 2003 Balance Sheet?

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