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Madrid Company plans to issue 8% bonds with a par value of $4,000,000. The company sells $3,600,000 of the bonds at par on January 1.

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Madrid Company plans to issue 8% bonds with a par value of $4,000,000. The company sells $3,600,000 of the bonds at par on January 1. The remaining $400,000 sells at par on July 1. The bonds pay interest semiannually on June 30 and December 31 . 1. Record the entry for the first interest payment on June 30 . 2. Record the entry for the July 1 cash sale of bonds

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