Question 2 Grouper Limited issued $393,000 of 8% bonds on January 1, 2020. The bonds are due on January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at 98. Grouper Limited follows ASPE and records the amortization using the straight-line method. v (a) V Your answer is correct. Prepare the journal entry related to the bonds for January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Date Jan. 1, 2020 TCash 385140 Bonds Payable 385140 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWWER v (b) Prepare the journal entry related to the bonds for July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Account Titles and Explanation Debit Date July 1, 2020 Interest Expense Cash Bonds Payable SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 3 used