On January 31, 2021, Dunkin Logistics, Inc., issued five-year, 3% bonds payable with a face value of

Question:

On January 31, 2021, Dunkin Logistics, Inc., issued five-year, 3% bonds payable with a face value of $8,000,000. The bonds were issued at 93 and pay interest on January 31 and July 31. Dunkin Logistics amortizes bond discounts using the straight-line method. Record

(a) The issuance of the bonds on January 31, 2021,

(b) The semiannual interest payment and amortization of the bond discount on July 31, 2021,

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