On July 1, Shooter's Poultry Company issued 10% 10-year, $500,000 bonds for $462,000. This price will yield a market rate of 11%. Interest dates are June 30 and December 31. Prepare the journal entries to record:
a. Issuance of the bond.
b. Payment for the first semiannual interest period plus amortization of the discount using the interest method.
c. Payment for the second semiannual interest period plus amortization of the discount using the interest method.

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The Answer of On July 1, Shooter's Poultry Company issued 10% 10-year, $500,000 bonds for $462,000. This price will yield a market rate of 11%. Interest dates are June 30 and December 31. Prepare the journal entries to record:
a. Issuance of the bond.
b. Payment for the first semiannual interest period plus amortization of the discount using the interest method.
c. Payment for the second semiannual interest period plus amortization of the discount using the interest method.

On July 1, Shooter's Poultry Company Issued 10% 10-Year, $500,000