Question # 7 ( 10 Marks) On Jan. 1, 2011, a company issued the following bonds: Par Value: $800,000, Stated Interest Rate: 9% , Interest Dates: 6/30 and 12/31 Maturity Date : Dec. 31, 2030 (20 years) On June 30, 2011, the issuer of the bond pays the first semiannual interest payment. On December 31, 2030, the bonds mature and the issuer of the bond pays face value to the bondholders. Required : -Prepare journal entries to record transactions - Explain in details the journal entries ( why its recorded in debit or credit side ) and the nature of account Dr or Cr and its classification Assets , liabilities , owner's equity , Revenue or expenses