On January 1 2011 Jws Corporation Issued 600000 Of 7

On January 1, 2011, 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%.

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