On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year. (a) Issuance of the bonds. (b) First semiannual interest payment
| Transaction | Particulars | Amount Dr. | Amount Cr. |
| Issuance of Bond | Bank Account Dr. | 1225000 | |
| Discount on Issue of Bonds Dr | 275000 | ||
| To 8% Bonds Payable Account | 1500000 | ||
| (Being bonds issues recorded) | |||
| Semi Annual Interest Payment | Interest Expense Account Dr. | 60000 | |
| To Interest Payable Account | 60000 | ||
| (Being Interest recorded) | |||
| Payment Recorded | Interest Payable Account Dr. | 60000 | |
| To Bank Account | 60000 | ||
| (Being Payment made) |
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