On January, Highwood industries issues 10 percent 10-year bonds be with a maly of $120,000. The bonds at 54 and pay it on January and July 1. Highwoods many bond cutum by the righ 1. Record the issuance of the bonds on January. Requirement Records of the son January 1. Perhentian jou.) Dubit Credit Date Requirement 1. Record the issuance of the bonds on January 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Date: Jan 1 Journal Entry Accounts Debit Credit Accounts payable nortization of any bond discount or premium on July 1. (Round your answers to the nearest whole Requirement Bonds payable number.) Date Jul 1 Cash Discount on bonds payable Interest expense Premium on bonds payable Debit Credit On January 1, Highwood Industries issues 10 percent, 10-year bonds payable with a maturity value of $120,000. The bonds sell at 94 and pay interest on January 1 and July 1. Highwood Industries amortizes any bond discount or premium by the straight-line method. Requirements 1. Record the issuance of the bonds on January 1. 2. Record the semiannual interest payment and amortization of any bond discount or premium on July 1