On January 1, 2017, Sage Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were issued for $447,385, and pay interest each July 1 and January 1. Sage 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. 1.251247 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) Brief Exercise 14-1 Wildhorse Corporation issues $390,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10% Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.251 24 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds