Required information The following information applies to the questions displayed below. Legacy issues $570,000 of 8.5%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31, They are issued at $508,050 and their market rate is 12% at the issue date. 4. Prepare the journal entries to record the first two interest payments View transaction list View journal entry worksheet No Date General Journal Debit Credit 1Jun 30, 2017 Bond interest expense Discount on bonds payable Cash 24,225 2 Dec 31, 2017 Bond interest expense Discount on bonds payable Cash 24,225