ompany issued $1,000,000 of bonds on January 1, 2019. These bonds had an 8% stated interest rate and pay interest annually on December 31. The bonds sold for $924,184 at a time when the market rate of...

What are the journal entries ?

Extracted text: ompany issued $1,000,000 of bonds on January 1, 2019. These bonds had an 8% stated interest rate and pay interest annually on December 31. The bonds sold for $924,184 at a time when the market rate of interest was 10%. Deacon uses the effective- interest method to account for its bonds. Prepare the necessary journal entry(ies) for each of the following dates (assuming that no adjusting journal entries have been made during the year): (a) January 1, 2019 (b) December 31, 2019 (c) December 31, 2020 Round the journal entry amounts to the nearest whole dollar amounts.