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Determine the splish uses the effective-interest method

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Reference no: EM132459650

On January 1, 2017, Splish Corporation issued $610,000 of 9% bonds, due in 10 years. The bonds were issued for $651,453, and pay interest each July 1 and January 1. The effective-interest rate is 8%.

Problem 1: 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. Splish uses the effective-interest method.

Reference no: EM132459650

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