Question: EfficientEfficient Accountants Co . sells $ 2 , 0 0 0 , 0 0 0 of 1 0 - year, 1 0 % bonds priced

EfficientEfficient Accountants Co

.

sells $

2, 000, 000

10 -

year,

10 %

bonds priced to yield

9.6 % .

The bonds are dated and issued on January

1

comma

2023 .

January

1, 2023 .

Interest is payable on January

1

and July

1

each year. EfficientEfficient

'

year

-

end date is June

30 .

Required Prepare journal entries to record: a

.

the issuance of the bonds. b

.

accrual of interest and related amortization on June

30, 2023 .

.

payment of interest on July

1, 2023 .

.

payment of interest and related amortization on January

1, 2024 . (

Use a financial calculator for any present value computations and round your final answers to the nearest dollar. Record debits first, then credits. Explanations are not required.

)

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