On January 1, 2016, Wiley Paper Products issued $2,000,000 of 8% bonds due in 10 years. The bonds were issued for $1,885,457 and pay interest each July 1 and January 1. Wiley Paper Products uses the effective interest method. Prepare the company’s journal entries for January 1, 2016, July 1, 2017 and December 31, 2017. Assume an effective interest rate of 9%
On January 1, 2016, Wiley Paper Products issued $2,000,000 of 8% bonds due in 10 years.
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