Rangel Corporation issued $ 520,000 of 7 %, 15 -year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 9 %, and the bonds pay interest semiannually. Rangel Corporation's year-end is March 31.

3. Record Rangel Corporation's issuance of the bonds on March 31, 2019 , and payment of the first semiannual interest amount and amortization of the bond discount on September 30, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording the issuance of bonds on March 31, 2019.

Journal Entry Date Accounts Debit Credit Mar 31 Now record the payment of the first semiannual interest amount and amortization of the bond discount on September 30, 2019. Journal Entry Date Accounts Debit Credit Sep 30 Accounts Payable Bonds Payable Cash Discount on Bonds Payable Interest Expense Interest Payable Premium on Bonds Payable