On January 1, 2017, Nash Corporation issued $690,000 of 9%
bonds, due in 10 years. The bonds were issued for $647,006, and pay
interest each July 1 and January 1. Nash uses the
effective-interest method.
Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Assume an effective-interest rate of 10%.
(Round intermediate calculations to 6 decimal places,
e.g. 1.251247 and final answer to 0 decimal...