Lincoln issued $60,000 of 10-year, 7% bonds payable on January 1, 2016. Lincoln pays interest each January 1 and July 1 and amortizes discount or

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Lincoln issued $60,000 of 10-year, 7% bonds payable on January 1, 2016. Lincoln pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requiremen Requirement 1. Journalize Lincoln's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the issuance of the bond payable at face value. Debit Credit Date Accounts 2016 Jan. 1