Question: Problem 3 On January 1 , 2 0 2 4 , Bradley Corporation sold $ 6 0 0 , 0 0 0 of 8 %

Problem 3
On January 1,2024, Bradley Corporation sold $600,000 of 8% bonds at $553,600. The bonds are due on January 1,2029, and pay interest semiannually every July 1 and January 1. The bonds were sold to yield a 10% effective rate. Bradley closes its books annually on December 31.
Required:
(a) Prepare the general journal entry to record the sale of the bonds.
(b) Prepare the general journal entry to record the interest payment on July 1,2024, assuming that Bradley uses the straight-line method to amortize the bond premium.
(c) Prepare the gentral journal entry to record the interest accrual on December 31,2024, assuming that Bradley uses the straight-line method to amortize the bond premium.
Problem 3 On January 1 , 2 0 2 4 , Bradley

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