Problem 1: On January 1, 2015, Sentaro Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. Assume an effective-interest rate of 8%. Required: Prepare the company's joumal entries for: a) The January 1 issuance b) The July 1 interest payment c) The December 31 adjusting entry Problem 2: Assume the bonds in problem (1) were issued for $644,636 with an effective-interest rate of 6%. Required: Prepare the company's journal entries for: a) The January 1 issuance b) The July 1 interest payment c) The December 31 adjusting entry