Hillside issues $1,600,000 of 9%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,382,579. Required:
a. Prepare the January 1, 2017, journal entry to record the bonds' issuance.
b. Prepare the journal entries to record the first two interest payments.

Check attachment

Explanation:

a. Prepare the January 1, 2017, journal entry to record the bonds' issuance.

This has been attached. Kindly note that the discount on bond payable was calculated as:

= Bond payable - Cash

= 1,600,000 - 1,382,579

= 217,421

b. Prepare the journal entries to record the first two interest payments.

Check attachment as the first two interest payments on June 30th 2017 and December 31st, 2017 has been attached.

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