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Please complete, thank you! Class, Riley Natural Fertilizer, Inc. issued $780,000 of 8% face...

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Accounting

Please complete, thank you!

Class, Riley Natural Fertilizer, Inc. issued $780,000 of 8% face value bonds on January 1, 2016, for $763,800. The bonds are due December 31, 2018, and pay interest semiannually on June 30 and December 31. Riley uses the straight-line amortization method.

What journal entry would we make on Riley's books on January 1, 2016?

Explain why you have chosen the accounts you have chosen.

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