On January 1, 2020, Perfection Company issued $400,000 of 10%,
6-year bonds dated January 1, 2020, with interest payments every
June 30 and December 31. The bonds were issued at $382,762 when the
market rate was 11%. Perfection Company amortizes any premium or
discount using the EFFECTIVE-INTEREST-RATE method. Round
all numbers to the nearest whole number.
1-Using proper formatting (eliminating the date), prepare the
journal entry on January 1, 2020 to record the issuance of the
bonds.
2-Using proper formatting...