Business, 21.04.2020 19:55, 1315055427

On January 1, 2020, Novak Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were issued for $423,784, and pay interest each July 1 and January 1. Novak 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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On January 1, 2020, Novak Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were is...