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Use the following data to answer the next 3 questions: On January 1,...

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Accounting

Use the following data to answer the next 3 questions: On January 1, 2023, Systems Corporation issues $60,000 of 7%, 15-year bonds, with interest payable semiannually on June 30 and December 31 each year. The market interest rate is 8%. The issue price of the bonds is $54,812.

5. What journal entry should the company make to record the bond issue on January 1, 2023?

6. What journal entry should the company make to record the first semiannual interest payment on June 30, 2023? (Rounds amounts to the nearest whole dollar.)

7. What will be the carrying value of the bonds at December 31, 2037, the maturity date of the bonds?

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