Oliver, Inc., issued a ($80,000), 7%, 10-year bond payable at a price of 95 on January 1,

Question:

Oliver, Inc., issued a $$80,000$, 7%, 10-year bond payable at a price of 95 on January 1, 2010.
Requirements
1. Journalize the issuance of the bond payable on January 1, 2010.
2. Journalize payment of semiannual interest and amortization of bond discount or premium on July 1, 2010, using the straight-line method to amortize bond discount or premium.

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