Journal entries, schedule of long-term debt. The city of Clinton was incorporated on January 1, 2014. On December 31, 2019, a careful study of the city’s records revealed the following information...

Journal entries, schedule of long-term debt. The city of Clinton was incorporated on January 1, 2014. On December 31, 2019, a careful study of the city’s records revealed the following information regarding long-term debt:

a. General obligation bonds in the amount of $1,500,000 were authorized and issued at face value on July 1, 2014, to finance the construction of a school. The 6% bonds pay interest semiannually on January 1 and July 1, and they mature 10 years from the issuance date.