Long-Term Liabilities Problem 1 Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds of J & J.: a.On March 1, 2015 J & J issued $800,000 face value J & J. second mortgage, 8% bonds for $872,160, including accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing 10 years from December 1, 2014. The bonds are callable at 102. The bonds are dated Dec. 1, 2014. Amortization is calculated using straight-line. b.On Aug. 1st, paid semiannual interest on J & Js bonds. c.On Feb.1st paid semiannual interest on J & J Co. bonds and purchased $400,000 face value bonds at the call price in accordance with the provisions of the bond indenture.

Please show all calculations. thanks!!