On January 31, 2014, Duncan Sports Cars issued 8-year, 7% bonds with a face value of $120,000. The bonds were issued at 88 and pay interest on January 31 and July 31. Duncan amortizes bonds by the straight-line method. Required Record (a) issuance of the bonds on January 31, (b) the semi-annual interest payment and discount amortization on July 31, and (c) the interest accrual and discount amortization on December 31. a. Record the issuance of the bonds on January 31. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jan 31 Cash Discount on Bonds Payable Bonds Payable 120000 b. Record the semi-annual interest payment and discount amortization on July 31 (Round your answers to the nearest whole number.) Journal Entry Date Accounts Debit Credit July 31 Interest Expense Cash Discount on Bonds Payable