Exercise 9-71 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line) On January 1, 2020, Harrington Corporation sold 594,000 of 15-year, 11% bonds, The bonds sold for $90,000 and pay interest semiannually on June 30 and December 31. Required: 1. Prepare the journal entry to record the sale of the bands. 2020 Jan. 31 Cash Discount on Bonds Payal Nev Bonds Payable Record issuance of bonchs at discount 94.000 Feed Check My Work 1. When bonds are inued, any premium or discount is recorded in a separate valuation account, 2. Calculate the amount of the cash semiannual interest payment. Round your answer to the nearest whole dallar, if required 5,170 cBook 2. When calculating interest, consider the principal, the annual interest rate and the me period 3. Prepare the entry at June 30, 2020, to recognize the payment of interest and interest expense. Round your answers to the nearest whole dollar, required. 2020 June 30 Interest Expense Cash Discount on Bonds Payable Record interest expense Check My W 3. When bonds are issued, any premium oroscount is recorded in a separate valuation account, 4. Calculate the annual interest expense for 2020. Round your answer to the nearest whole dollar, Frequired 5,170 X Check World