Russell Company issued $80,000, 10%, 10-year bonds payable at 96 on January 1, 2016. 6. Journalize the issuance of the bonds payable on January 1, 2016 7. Journalize the payment of semiannual interest and amortization of the bond discount or premium (using the straight-line amortization method) on July 1, 2016 8. Assume the bonds payable was instead issued at 104 Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond discount or premium (Record debits first, then credits. Select explanations on the last line of the journal entry) 8. Assume the bonds payable was instead issued at 104. Journalize the issuance of the bonds payable and the payment of the first semiannual interest and amortization of the bond discount or premium Start by journalizing the issuance of the bonds payable. Date 2016 Jan. 1 Cash Accounts and Explanation Debit Credit Paid semiannual interest and amortized discount. Now journalize the payment of the first semiannual interest and amortization of the bond Date Accounts and Explanation 2016 Cash Jul 1 Premium on Bonds Payable Bonds Payable Issued bonds at a premium Debit 1 Credit 80,000 Time Re 24C