Doyle Company issued $254,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $64,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1.

1.Record the issue of bonds payable.

2.Record the purchase of land.

3.Record the receipt of lease revenue

4.Record the interest expenses for bonds payable.

5.Record the entry to close revenue and expense accounts.

6.Record the receipt of lease revenue.

7.Record the interest expenses for bonds payable.

8.Record the entry to close revenue and expense accounts.

please correct me!

Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Date General Journal Debit Credit 1 Jan 01 Cash 254,000 Bonds payable 254,000 2 Jan 01 Land 254,000 Cash 254,000 3 Dec 31 Cash 64,000 Lease revenue 64,000 4 Dec 31 Interest expense 15,240 Cash 15,240 5 Dec 31 Retained earnings 15,240 X Interest expense 15,240 6 Dec 31 64,000 Lease revenue Retained earnings 64,000 7 Dec 31 Cash 64,000 X Lease revenue 64,000 8 Dec 31 Interest expense 15,240 Cash 15,240 X Answer is not complete. Cash Land Year 1 Year 1 1/1 12/31 12/31 x 254,000 0 254,000 64,000 254,000 15,240 12/31 0 End. Bal. 48,760 End. Bal. 254,000 Year 2 12/31 64,000 15,240 12/31 Retained Earnings Year 1 15,240 X 64,000 X End. Bal. 97,520 Bonds Payable End. Bal. 48,760 Year 1 Year 2 254,000 1/1 15,240 64,000 End. Bal. 254,000 End. Bal. 97,520 Lease Revenue Interest Expense Year 1 Year 1 12/31 64,000 64,000 12/31 12/31 15,240 15,240 End. Bal. End. Bal. Year 2 Year 2 12/31 64,000 64,000 12/31 12/31 15,240 15,240 End. Bal. End. Bal