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Exercise 14-5 Teal Mountain Inc. issued $700,000 of 15 year, 9.50% bonds on...

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Exercise 14-5 Teal Mountain Inc. issued $700,000 of 15 year, 9.50% bonds on January 1, 2017 at 103. Interest is payable semi-annually on July 1 and January 1 The company uses the straight-line method of amortization for any bond premium or discount. Prepare the journal entries to record the following: (Round ansers to 0 deimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. The issuance of the bonds 2. The payment of interest and the related amortization on July 1, 2017 3. The accrual of interest and the related amortization on December 31, 2017 Date Account Titles and Explanation Debit Credit 12/31/17

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