Grant Co. produces and distributes semiconductors for use by computer manufac- turers. Grant Co. issued $24,000,000 of 20-year, 6% bonds on April 1 of the current year, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year:
Apr. 1. Issued the bonds for cash at their principal amount.
Oct. 1. Paid the interest on the bonds.
Dec. 31.Recorded accrued interest for three months.