- being applied to this device to adjust your settings go to pracy settings Efallbcd AaBbcAbca ABC ABC Emphasis Heading 1 Nom Strong Subtitle o search Problem 3 20 Paints On August 1. Clayton Co. issued $1,300,000 of 20 year, 6% bonds, dated August 1. The market rate is 8% Interest is payable semiannually on February 1 and August 1. The bands are sold for $1,076,868. Present the journal entries to record the following transactions for the current year: (a) Issuance of the bonds (b) First interest payment using the straight-line method Focus