Brief Exercise 14-7 Your answer is partially correct. Try again On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $644,636, and pay interest each July 1 and January 1, The effective-interest rate is 6% Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. JWS uses the effective-interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (a) January 1, 2017 Cash 644636 Premium on Bonds Payable 44636 Bonds Payable 600000 (b) July 1, 2017 Interest Expense 19339 Premium on Bonds Payable Cash (c) December 31, 2017 Interest Expense Premium on Bonds Payable Interest Payable