A company issues $500,000 of bonds at 10% on January 1, 2022…
A company issues $500,000 of bonds at 10% on January 1, 2022. These bonds are due in 10 years with interest payable annually. The market rate for the bonds was equal to 8%. The selling price of the bonds is $567,099. What is the journal entry to record interest expense on December 31, 2022, using the effective interest method? Round all calculations to the nearest whole dollar. Answer should be expressed as : DR (ACCOUNT NAME) $X,XXX CR (ACCOUNT NAME) $X,XXX No dates or explanations are needed.
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