Question: I JUST NEED HELP WITH THE NUMBERS ON THE JOURNAL ENTRIES! On January 1, 2016, Knorr Corporation issued $700,000 of 6%, 5-year bonds dated January

I JUST NEED HELP WITH THE NUMBERS ON THE JOURNAL ENTRIES!

On January 1, 2016, Knorr Corporation issued $700,000 of 6%, 5-year bonds dated January 1, 2016. The bonds pay interest annually on December 31. The bonds were issued to yield 7%. Bond issue costs associated with the bonds totaled $8,312.46.

Required:

Prepare the journal entries to record the following:

January 1, 2016 Sold the bonds at an effective rate of 7%

December 31, 2016 First interest payment using the effective interest method

December 31, 2016 Amortization of bond issue costs using the straight-line method

December 31, 2017 Second interest payment using the effective interest method

December 31, 2017 Amortization of bond issue costs using the straight-line method

I JUST NEED HELP WITH THE NUMBERS ON THE JOURNAL ENTRIES!On January

1, 2016, Knorr Corporation issued $700,000 of 6%, 5-year bonds dated January

1, 2016. The bonds pay interest annually on December 31. The bonds

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