On January 1, 2020, Splish Corporation issued $500,000 of 6% bonds, due in 10 years....
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Accounting
On January 1, 2020, Splish Corporation issued $500,000 of 6% bonds, due in 10 years. The bonds were issued for $464.469, and pay interest each July 1 and January 1 . Company maintains its records under IFRS. 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 7%. (If no entry is required, select "No entry" for the occount tities and enter 0 for the amounts. Credit account titles are outomatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275
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