On January 1, 2025, Skysong Corporation issued $470,000 of 7% bonds, due in 8 years. The bonds were issued for $499,520, and pay interest each July 1 and January 1. The effective-interest rate is 6%. 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. Skysong uses the effective-interest method. (Round answers 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 the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date 1, 2025 y 1, 2025 Account Titles and Explanation Cash Premium on Bonds Payable Bonds Payable Interest Expense Cash Premium on Bonds Payable Debit 499520 Credit 470000 DO

On January 1,2025 , Skysong Corporation issued $470,000 of 7% bonds, due in 8 years. The bonds were issued for $499,520, and pay interest each July 1 and January 1 . The effective-interest rate is 6%. 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. Skysong uses the effective-interest method. (Round answers to 0 decimal places, eg. 38,548 . If no entry is required, select "No Entry' for the occount titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)