Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $ 100 bonds on January 1 at face value.

Question:

Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $ 100 bonds on January 1 at face value. Interest is payable each December 31. Show the accounting equation effects and prepare journal entries for
(a) The issuance of these bonds on January 1 and
(b) The first interest payment on December 31.