(8 Grades) & points On 1/1/2020. Blue Company issued 5-year, 8% bonds with a par value of $400,000. The company received $320,000 in cash. Interest is paid semiannually on 30 June and 31 December every year Required: (1) Prepare the journal entry to record the bonds issuance on 1/1/2020, (2) Prepare the journal entry to record the interest payment and the amortization of bond discount or premium on 30/6/2020 (3) Prepare the journal entry to record the repayment of bonds on 31/12/2024 CLEARLY INDICATE THE DEBITS & CREDITS Example: on 1 January 2020, XYZ Company pays $10,000 cash to purchase land Answer 1142020 Dr. Land 10,000 Cr Cash 10.000