The Martinez Company issued S360,000 of 7% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for January 1, July 1, and December 31. Assume The Martinez Company records straight-line amortization semiannually. (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. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38, 548.) Show transcribed image text The Martinez Company issued S360,000 of 7% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds were issued at 98. Prepare the journal entries for January 1, July 1, and December 31. Assume The Martinez Company records straight-line amortization semiannually. (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. Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38, 548.)
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