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On January 1, 2025, Buffalo Corporation issued $700,000 of 9 , bonds, due in 8 years. The bonds were issued for $740.784, and pay interest
On January 1, 2025, Buffalo Corporation issued $700,000 of 9 , bonds, due in 8 years. The bonds were issued for $740.784, and pay interest each July 1 and January 1 . The effective interest rate 68% 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. Buffalo uses the effective-interest method, (Round onswers to 0 decimal ploces, eg. 38,548. If no entry is requirad, seiect 'No Entry' for the occount titles and enter 0 for the omounts. Credit occount titles are dutomatically indented when the amount is entered. Do not indent manuclly. List all debit entries before credit entrles)
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