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On January 1, 2020, Kingbird Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds were issued for $428,743, and pay interest
On January 1, 2020, Kingbird Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds were issued for $428,743, and pay interest each July 1 and January 1. Kingbird 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 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.) No. (a) P Date Account Titles and Explanation Debit Crec
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