P-1On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. JWS uses the effective-interest...

P-1On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. JWS 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 8%.

Celine Dion Company

issued $600,000 of 10%, 20-year

bonds on January 1, 2017, at 102. Interest is payable semiannually on July 1 and January 1.

P-2 Dion

Company uses the straight-line

method of amortization for bond premium or Discount

P-3Assume the same information as in

problem-2

except

that Celine Dion Company uses the effective-interest method of amortization for bond premium or discount. Assume an effecti

ve

yield of 9.7705%.

Aug 30, 2022

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P-1On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. JWS uses the effective-interest...

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