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On January 1,2011, JWS Corporation issued $770,000 of 7%bonds, due in 10 years. The bonds were issued for $717,679, and payinterest each July 1 and
On January 1,2011, JWS Corporation issued $770,000 of 7%bonds, due in 10 years. The bonds were issued for $717,679, and payinterest each July 1 and January 1. JWS uses the effective interestmethod. Prepare the company's journal entries for (a) the January 1issuance, (b) the July 1 interest payment, and (c) the December 31adjusting entry. Assume an effective interest rate of 8%.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
