On 1/1/2020, Blue Company issued 5-year, 8% bonds with a par value of $400,000. The company received $320,000 in cash interest is paid semiannually on 30 June and 31 December every year Required: (1) Prepare the journal entry to record the bonds' issuance on 1/1/2020 (2) Prepare the journal entry to record the interest payment and the amortization of bond discount or premium on 30/6/2020. (3) Prepare the journal entry to record the repayment of bonds on 31/12/2024 CLEARLY INDICATE THE DEBITS & CREDITS Example on 1 January 2020, XYZ Company pays $10,000 cash to purchase land Answer 1/1/2020 Dr. Land 10,000 Cr. Cash 10,000