On May 1, 2022, Sandhill Corp. issued $600,000, 6%, 5-year bonds at face value. The bonds...

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On May 1, 2022, Sandhill Corp. issued $600,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically inderited when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2022 (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2022 Account Titles and Explanation Debit Credit Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information.) Sandhill Corp. Balance Sheet (Partial) eTextbook and Media (d) Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1, 2023 Debit Credit (e) Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2023 Account Titles and Explanation Debit Credit Assume that on January 1, 2024, Sandhill pays the accrual bond interest and calls the bonds. The call price is 105. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2024 Account Titles and Explanation Jan. 1. 2024 (To record payment of interest). (To record redemption of the bonds) Debit Credit On May 1, 2022, Sandhill Corp. issued $600,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically inderited when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2022 (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2022 Account Titles and Explanation Debit Credit Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information.) Sandhill Corp. Balance Sheet (Partial) eTextbook and Media (d) Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1, 2023 Debit Credit (e) Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2023 Account Titles and Explanation Debit Credit Assume that on January 1, 2024, Sandhill pays the accrual bond interest and calls the bonds. The call price is 105. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2024 Account Titles and Explanation Jan. 1. 2024 (To record payment of interest). (To record redemption of the bonds) Debit Credit