* Question 13 On January 1, 2020, Quinton Corporation issued $600,000 of 7% bonds that are due in 10 years. The bonds were issued for $559,229 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 8% Prepare the company's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the company's journal entry for the July 1 interest payment. (Round answers to decimal places, e.g. 5,275 Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation July 1 Debit Credit Prepare the company's December 31 adjusting entry. (Round answers to o decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Dec. 31 Debit Credit Prepare the first three payments of an effective interest amortization table for the bonds. (Round answers to 2 decimal places, e.g. 52.75.) Schedule of Discount Amortization Effective Interest Method Interest Discount Expense Amortized Date Cash Paid Carrying Amount Jan. 1 2020 July 1 2020 Jan. 1 2021 July 1 2021 Question Attempts: 0 of 1 used Copy2016-2020 bych Wyn