Question: On Jan. 1 , 2 0 2 3 , Sams, Inc. issued $ 6 0 0 , 0 0 0 of 1 0 % bonds,

On Jan. 1,2023, Sams, Inc. issued $600,000 of 10% bonds, due in 5 years. The bonds pay interest semi-annually on July 1 and January 1. The bonds effective yield 12%. Sam's uses the effective-interest method (see PV Tables next page). Prepare Sams journal entries for a thru c.
A. The January 1 issuance
B. The July 1 interest payment
C. The December 31 adjusting journal entry
D. Prepare a full Bond Amortization Schedule

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