On January 1, 2017, Pearl Corporation issued $450,000 of 7% bonds, due in 8 years....
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Accounting
On January 1, 2017, Pearl Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were issued for $478,264 and the effective-interest rate is 6%. Prepare the companys journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Pearl uses the effective-interest method.
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