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What is journal entry to record the first interest payment

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Question: 1. Medhurst Corporation issued $89,000 in bonds for $86,300. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment? If an amount box does not require an entry, leave it blank.

Interest Expense : ............? .................?

Cash : ..................? ...................?

2. Medhurst Corporation issued $86,700 in bonds for $84,000. The bonds had a stated rate of 6% and pay interest quarterly. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.

Cash :............? ...............?

Discount on Bonds Payable :..................? ...................?

Bonds Payable : .......................? ......................?

Reference no: EM132716175

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