Question: Leonard Inc. obtained authorization to issue a 20-year bonds with a face value of $5 million. The bonds are dated January 1st, 2019 and have

Leonard Inc. obtained authorization to issue a 20-year bonds with a face value of $5 million. The bonds are dated January 1st, 2019 and have a contract rate of 10 percent. They pay interest on June 31st and December 311st.
The bonds were issued on January 1st,2019, at 100 for $5,5 millions.

Prepare the necessary journal entries in general journal form on:

a. January 1st,2019 to record the issuance of the bonds
b. June 31st,2019 to record the first semi-annual interest payment on the bond issue
c. December 31st, 2019 to record the second interest payment. (round to the nearest dollar)

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