Wallace Mutual Insurance Company issued a $50,000, 12%, 10-year bond payable at 110 on January 1, 2024. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2024. 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2024. Requirement 1. Journalize the issuance of the bond payable on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date 2024 Jan. 1 Accounts and Explanation Debit Credit