Question: A company issues 5%, 11-year bonds with a face amount of $70,000 for $64,423 on January 1, 2024. The market interest rate for bonds

A company issues 5%, 11-year bonds with a face amount of $70,000

A company issues 5%, 11-year bonds with a face amount of $70,000 for $64,423 on January 1, 2024. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the first interest payment on June 30, 2024. Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2024 Interest Expense 1,750 Cashi 1,750 55 Record entry Clear entry View general journal

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