6) Journalize transactions for long-term notes payable, bonds payable and mortgages payable Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. 2. Interest Exp. $6,600 On June 30, Porter Company issues 11%, five-year bonds payable with a face value of $120,000. The bonds are issued at face value and pay interest on June 30 and December 31. Requirements 1. Journalize the issuance of the bonds on June 30. 2. Journalize the semiannual interest payment on December 31. SOLUTION Requirement 1 Date Accounts and Explanation Debit Credit Requirement 2 Date Accounts and Explanation Debit Credit