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On January 1, 2017, Flounder Corporation issued $1,650,000 face value, 8%, 10-year bonds at $1.447.229. This price resulted in an effective-interest rate of 10% on

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On January 1, 2017, Flounder Corporation issued $1,650,000 face value, 8%, 10-year bonds at $1.447.229. This price resulted in an effective-interest rate of 10% on the bonds. Flounder uses the effective-interest method to amortize bond premium or discount The bonds pay annual interest January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Round answers to decimal places, es. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan 1 Cash 1447229 Discount on Bonds Paule 202771 Bonds Payable 1850000 e Textbook and Media Prepare the joumal entry to record the accrual of interest and the amortization of the discount on December 31, 2017. (Round answers to decimal places, eg. 125. Credit account tities are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Dec 31 Prepare the journal entry to record the payment of interest on January 1, 2018. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan, 1 Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2018. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31

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