Question: Exercise 9-71 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line). On January 1, 2020, Harrington Corporation sold $98,000 of 15 -year, 11% bonds.

Exercise 9-71 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line). On January 1, 2020, Harrington Corporation sold $98,000 of 15 -year, 11% bonds. The bonds sold for $94,000 and pay interest semiannuaily on Jane 30 and December 31. Required: 1. Prepare the journal entry to record the sale of the bonds. 20 Record issuance of bonds at discount 2. Calculate the amount of the cash semiannual interest payment. found your answer to the nearest whole dollar, if required. 3. Prepare the entry at 3une 30,2020 , to recognize the payment of interest and interest expense. Round your answers to the nearest whole dollar, if recuired. 20 4. Caiculate the annual interest expense for 2020 . Round your answer to the nearest whole dollar, if required

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