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On January 1, 2023, Pharoah Corporation issued $623,000 of 7% bonds that are due in 9 years. The bonds were issued for $547,244 and pay

On January 1, 2023, Pharoah Corporation issued $623,000 of 7% bonds that are due in 9 years. The bonds were issued for $547,244 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 9%. (a) Prepare the company's journal entry for the January 1 issuance

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