Clark, Inc., issued $480,000 of 20-year, 6 percent bonds payable on January 1. Clark, Inc., pays interest each January 1 and July 1 and amortizes any discount or premium by the straight-line method. Clark, Inc., can issue its bonds payable under various conditions: (Click the icon to view the conditions.) Read the requirements. Requirement 1. Journalize Clark's issuance of the bonds and first semiannual interest payment for each situation. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Record the issuance of the bonds payable at par value. Date Jan 1 Journal Entry Accounts Debit Credit Requirements 1. Journalize Clark, Inc.'s issuance of the bonds and first semiannual interest payment for each situation. Round calculations to the nearest dollar. Explanations are not required. 2. Which condition results in the most interest expense for Clark, Inc.? Explain in detail. Accounts payable Bonds payable Cash Discount on bonds payable Interest expense Premium on bonds payable More info a. Issuance at par value b. Issuance at a price of $425,000 when the market rate was above 6 percent c. Issuance at a price of $510,000 when the market rate was below 6 percent Print Done Print Done