18.Assume that Arlington city issues a $1,200,000 general obligation 6%, 10-year bond at par that pays interest to bondholders once a year. The bond will be used for general government operations.

Arlington pays $72,000 in interest on the bond and the $1,200,000 principal in the 10^th year. Prepare the journal entry to record the issuance of the bond in year 1 and the journal entry to record

the final payment of the bond with interest in the 10^th year.