Woode Corporation issued $400,000, 7%, 20-year bonds on January 1, 2022, for $360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Woode uses the effective-interest method to amortize bond premium or discount. (a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when 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 Jan. 1, 2022 Account Titles and Explanation Cash Debit 360727 Credit K

Woode Corporation issued $400,000,7%,20-year bonds on January 1,2022 , for $360,727. This price resulted in an effective-interest rate of 8% on the bonds, Interest is payable annually on January 1 . Woode uses the effective-interest method to amortize bond premium or discount. (a) 2. Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds. (Credit occount titles are automatically indented when amount is entered. Do not indent monually. If no entry is reguired, select "No Entry' for the occount titles and enter O for the omounts)