Wallace Mutual Insurance Company issued a 560,000,5%, 10-year bond payable at 108 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 the credits Select explanations on the last line of the Journal entry) Date Accounts and Explanation Debit Credit 2024 Jan 1 Cash Discount on Bonds Payable Interest Expense Issued bonds at a discount