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Prepare the journal entry to record the payment of interest on January 1, 2018. (Round...

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Accounting

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Prepare the journal entry to record the payment of interest on January 1, 2018. (Round answers to decimal places, eg. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Jan. 1. 2018 Grouper Corp. issued $380,000,8%, 25-year bonds on January 1, 2017 for $311,015. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable annually on January 1, Grouper uses the effective interest method to amortize bond premium or discount

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