On February 1, 2016, Sanford & Son issued 12% bonds dated February 1, 2016, with a face amount of $100,000. The bonds sold for $117,160 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Sanford & Son's fiscal year is the calendar year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.)

Journal entry worksheet Record the necessary entry on December 31, 2016 Note: Enter debits before credits Date General Journal Debit Credit December 31, 2016 Interest expense remium on bonds payable nterest payable Record entry Clear entry View general journal 4. Prepare the necessary journal entry on January 31, 2017. View transaction list Journal entry worksheet Record the necessary entry on January 31, 2017 Note: Enter debits before credits Date General Journal Debit Credit January 31, 2017 Interest expense Interest payable remium on bonds payable Cash 10,000 Record entry Clear entry View general journal