Question: Duval Co. issues four-year bonds with a $110,000 par value on June 1, 2015, at a price of $105, 895. The annual contract rate is

Duval Co. issues four-year bonds with a $110,000 par value on June 1, 2015, at a price of $105, 895. The annual contract rate is 7%, and interest is paid semiannually on November 30 and May 31. Prepare journal entries to record the first interest payment, accrued interest as of December 31, 2015 and to record the second interest payment Assume no reversing entries have been prepared. (Round your answers to the nearest dollar amount.) Record the first interest payment on November 30, 2015

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