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Worthington Mutual Insurance Company issued a $50,000, 8%, 10-year bond payable at 107 on January 1, 2024. Interest is paid semiannually on January 1 and

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Worthington Mutual Insurance Company issued a $50,000, 8%, 10-year bond payable at 107 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. ULUI UNI Issued bonds at a premium. Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2024. (Assume bonds payable are amortized using th straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) Date Accounts and Explanation Debit Credit 2024 Jul. 1 3825 Interest Expense Premium on Bonds Payable 175 Cash 4000 Paid semiannual interest and amortized premium

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