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E14.4B (L0 1) (Entries for Bond Transactions-Straight-Line) McGee Company issued $400,000 of 8%,20year bonds on...

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E14.4B (L0 1) (Entries for Bond Transactions-Straight-Line) McGee Company issued $400,000 of 8%,20year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. McGee Company uses the straight-line method of amortization for bond premium or discount. Instructions Prepare the journal entries to record the following: (a) The issuance of the bonds. (b) The payment of interest and the related amortization on July 1, 2020. (c) The accrual of interest and the related amortization on December 31,2020

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