ANSWER THE FOLLOWING QUESTIONS PERFECTLY

Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds of Sloan Co.:
March 1: Issues $600,000 face value Sloan Co. second mortgage, 8% bonds for $654,120, including accrued interest. Interest is payable semiannually on December 1 and June 1 with the bonds maturing 10 years from this past December 1. The bonds are callable at 102.

June 1: Paid semiannual interest on Sloan Co. bonds. (Use straight-line amortization of any premium or discount.)

December 1: Paid semiannual interest on Sloan Co. bonds and purchased $300,000 face value bonds at the call price in accordance with the provisions of the bond indenture