Splash Inc. a private company following ASPE issued $180,000,5-year bond on January 1, 2024 paying 8% interest on a semi-annual basis every January 1 and July 1. Prepare the first-year journal entries for the bond issue and interest expense assuming the company uses the straight-line amortization method, a market interest rate of 9% and has a year-end of December 31, 2024. (Round answer to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date
Splash Inc. a private company following ASPE issued $180,000,5-year bond on January 1, 2024 paying 8% interest on a semi-annual basis every January 1 and July 1. Prepare the first-year
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