On October 1, 2010, NLC Company issued $3,000,000 par value, 10%, 10-year bonds
dated July 1, 2010, with interest payable semi-annually on January 1 and July 1. The
bonds are issued at $3,406,500 (to yield 8%) plus accrued interest. The effective interest
method is used.
(a) Prepare the journal entry at the date the bonds are issued.
(b) Prepare the adjusting entry at December 31, 2010, the end of the fiscal year.
(c) Prepare the entry for the interest payment on January 1, 2011.

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