On July 1, 20A, GAAP Corporation Sold (Issued) $100,000 of Its

Essay

On July 1, 20A, GAAP Corporation sold (issued) $100,000 of its ten-year, 6% bonds payable at 98. The bonds were dated July 1, 20A, and interest is paid each June 30, and December 31.
(a) Give the entry to record the sale of the bonds
(b) Give the entry to record the first interest payment. Assume straight-line amortization