Doyle Company issued $362,000 of 10-year, 5 percent bonds on January 1, Year 1. The bonds wereissued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately investedthe proceeds from the bond issue in land. The land was leased for an annual $52, 500 of cash revenue,which was collected on December 31 of each year, beginning December 31, Year 1.Journal entry worksheetNote: Enter debits before credits.4DateDec 315ü6Record the interest expense for bonds payable for Year 2.General JournalC78DebitCredit>

As per the infomation, Doyle issued $ 362,000 bonds for 10 years. At the end of each year interest…

y issued $362,000 of 10-year, 5 percent bonds on January 1, Year 1. The bonds were alue. Interest is payable in cash on December 31 of each year. Doyle immediately invested om the bond issue in land. The land was leased for an annual $52, 500 of cash revenue, ected on December 31 of each year, beginning December 31, Year 1. entry worksheet