Powell Company issued a $$400,000,9\%,10-$year bond payable at face value on January $1,2018.$ Interest is paid semiannually on January $1$ and July $1.$

Requirements

Journalize the issuance of the bond payable on January $1,2018.$

Journalize the payment of semiannual interest on July $1,2018.$

Requirement $1.$ Journalize the issuance of the bond payable on January $1,2018.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2018,,,],[$Jan$.1,,,],[,,,],[,,,],[,,,],[,,,]]$

Requirement $2.$ Journalize the payment of semiannual interest on July $1,2018.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$