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On January 1, 2025, Flounder Corporation issued $570,000 of 9% bonds, due in 8 vears. The bonds were issued for $539,113, and 0ay interest each
On January 1, 2025, Flounder Corporation issued $570,000 of 9% bonds, due in 8 vears. The bonds were issued for $539,113, and 0ay interest each July 1 and January 1 . Flounder uses the effective-interest method. Prepare the company's journal entries for (a) the January I issuance, (b) the July 1 interest payment, and (c) the December 31 ad.usting entry. Assume an effective-interest rate of 10%. (Round anwwers to 0 decimal places, eg. 38,548 . If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are outomatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries) On Jinuary 1, 2025, Flounder Corporation issued $570,000 of 9% bonds, due in 8 years. The bonds were issued for $539,113, and pay interest each July 1 and January 1 . Flounder uses the effective-interest method, Prepare the company's journal entries for (a) the January 1 tssuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round answers to 0 decimal ploces, es. 38,548 . If no entry is required, select " No Entry" for the occount tities and enter O for the amounts. Credit account titles are automatically indented when the omount is entered. Do not indent manually List all debit entries before credit entries)
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