Practice 2 On June 30, Tower Company issues 8%, 20-year bonds payable with a face amount of $100,000. The bonds are issued at 95 (this is great to given the 95% number instead of having to use the tables to arrive at the issue/sales price) and require interest payments on June 30 and Dec. 31. Requirement 1: Journalize the issuance of the bonds on June 30. (include a description) General Journal Account Name Debit Credit Cash 95.000 Discount on Bonds Payable 100.000 Issued bonds at a discount Requirement 2: Journalize the semiannual interest payment and amortization of the bond discount on December 31. (include a description) General Journal Account Name Debit Credit Interest Expense 4.125 Cash