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  3. on january 1 2017 sweet corporation issued 510000 of 7...

Question: on january 1 2017 sweet corporation issued 510000 of 7...

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On January 1 2017 Sweet Corporation issued $510,000 of 7% bonds, due in 8 years. The bonds were issued for $480,288 and pay interest each July 1 and January 1. Sweet uses the effective-interest method. Prepare the companys 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 8%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to decimal places, e.g. 38,548. If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) IRloo. Debit Credit Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable cash (a) Jan. 1, 2017 (b) July 1, 2017 c) Dec. 31, 2017Interest Expense Discount on Bonds Payable

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