Galoot Corporation pays and records the semiannual interest on its $500,000, 10-year, 6% bonds outstanding on July 1, 2019. On the same date, amortization of the discount of $10,000 received on $200,000 of those bonds is recorded. Prepare the journal entries recorded by Galoot Corporation.

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The Answer of Galoot Corporation pays and records the semiannual interest on its $500,000, 10-year, 6% bonds outstanding on July 1, 2019. On the same date, amortization of the discount of $10,000 received on $200,000 of those bonds is recorded. Prepare the journal entries recorded by Galoot Corporation.

Galoot Corporation Pays and Records the Semiannual Interest on Its