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QUESTION 5 Downing Company issues $5,000,000, 10%, 5-year bonds on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The

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QUESTION 5 Downing Company issues $5,000,000, 10%, 5-year bonds on January 1, 2020. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 8%. a) Using the straight line method, make the journal entry to record the interest payments in 2021 b) Using the effective interest method, make the journal entry to record the interest expense in 2021

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