Question: Waves Corp. issued a $400,000, 7-percent, and 10-year bond payable at a price of 105 on January 1, 2014. Journalize the following transactions for Waves

Waves Corp. issued a $400,000, 7-percent, and 10-year bond payable at a price of 105 on January 1, 2014. Journalize the following transactions for Waves
Corp. Include an explanation for each entry.
a. Issuance of the bond payable on January 1, 2014.
b. Payment of semiannual interest and amortization of bond premium on July 1, 2014. Waves use the straight-line method to amortize the premium.

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