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On January 1, 2015, Jerry Corporation issued $1,000,000, 8%, 10-year bonds, and received $875,388 in...

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Accounting

On January 1, 2015, Jerry Corporation issued $1,000,000, 8%, 10-year bonds, and received $875,388 in cash proceeds. The market rate at the date of issuance was 10%. The bonds pay interest semiannually on July 1 and January 1. Jerry Corporation uses the effective interest method for amortization of bond premium or discount. Prepare the general journal entry to record interest expense and the cash payment of interest on July 1, 2015

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