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question brief exercise 14 7 on january 1 2017 bridgeport corporation issued 660 000 4286790

Question

Brief Exercise 14-7

On January 1, 2017, Bridgeport Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were issued for $698,454 and the effective-interest rate is 8%.

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. Bridgeport uses the effective-interest method. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

January 1, 2017

July 1, 2017

December 31, 2017

No.

Date

Account Titles and Explanation

Debit

Credit

(a)

January 1, 2017

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(b)

July 1, 2017

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(c)

December 31, 2017

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