Question: 1 . Downing Company issues $ 5 , 0 0 0 , 0 0 0 , 1 2 % , 1 0 - year bonds

1. Downing Company issues $5,000,000,12%,10-year bonds dated January 1,2020 on April 1,2020 for 95. The bonds pay interest semiannually on June 30 and December 31.
a) Make the journal entry to record the sale of the bond (10 pts)
b) Using the straight-line method, make the journal entry to record the interest payment on June 30(10 pts)

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