Question: A company issues 7%, 10-year bonds with a face amount of $60,000 for $55,924 on January 1, 2021. The market interest rate for bonds of

A company issues 7%, 10-year bonds with a face amount of $60,000 for $55,924 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31.

Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
June 30, 2021

Journal entry worksheet

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 01, 2021

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