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On January 1, 2017, Coronado Company sold 11% bonds having a maturity value of $470,000...

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Accounting

On January 1, 2017, Coronado Company sold 11% bonds having a maturity value of $470,000 for $487,816, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2017, and mature January 1, 2022, with interest payable December 31 of each year. Coronado Company allocates interest and unamortized discount or premium on the effective-interest basis. Collapse question part (a) Prepare the journal entry at the date of the bond issuance.

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