Question: On January 1, 2016 , Educators Credit Union (ECU ) issued 8 % , 20 -year bonds payable with face value of $ 700,000 .

On January 1, 2016 , Educators Credit Union (ECU ) issued 8 % , 20 -year bonds payable with face value of $ 700,000 . The bonds pay interest on June 30 and December 31. The issue price of the bonds is 106 . Journalize the following bond transactions:

a. Issuance of the bonds on January 1, 2016 .

b. Payment of interest and amortization on June 30, 2016 .

c. Payment of interest and amortization on December 31, 2016 .

d. Retirement of the bond at maturity on December 31, 2035 .

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