On January 1, 2019, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds

Question:

On January 1, 2019, JWS 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. Prepare the company's journal entries for
(a) The January 1 issuance,
(b) The July 1 interest payment,
(c) The December 31 adjusting entry. Assume an effective-interest rate of 8%.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...