Question: Duval Co. issues four-year bonds with a $119,000 par value on June 1, 2015, at a price of $114,840. The annual contract rate is 5%,

Duval Co. issues four-year bonds with a $119,000 par value on June 1, 2015, at a price of $114,840. The annual contract rate is 5%, 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

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