On January 1, 2018, Shark Company sold $800,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $708,000, priced to yield 12%. Shark records interest at the effective rate.
Required:
Prepare the journal entry to record interest on June 30, 2018, using the effective interest method.

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The Answer of On January 1, 2018, Shark Company sold $800,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $708,000, priced to yield 12%. Shark records interest at the effective rate.
Required:
Prepare the journal entry to record interest on June 30, 2018, using the effective interest method.

On January 1, 2018, Shark Company Sold $800,000 of 10