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Question: On January 1, 2017, JWS Corporation issued $


On 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. 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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