On June $30,$ Danver Limited issues $5\%,20-$year bonds payable with a face value of $$70,000.$ The bonds are issued at $86$ and pay interest on June $30$ and December $31.($Assume bonds payable ar

amortized using the straight$-$line amortization method.$)$

Requirements

Journalize the issuance of the bonds on June $30.$

Journalize the semiannual interest payment and amortization of the bond discount on December $31.$

Requirement $1.$ Journalize the issuance of the bonds on June $30.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$