(Learning Objectives 2: Recording bond transactions (at par); reporting bonds payable on the balance sheet) The board of directors of Monitors Plus authorizes the issue of $9,000,000 of 10%, fi ve-year bonds payable. The semi-annual interest dates are May 31 and November 30. The bonds are issued on May 31, 20X0, at par.

❙ Requirements 1. Journalize the following transactions:

a. Issuance of half of the bonds on May 31, 20X0.

b. Payment of interest on November 30, 20X0.

c. Accrual of interest on December 31, 20X0.

d. Payment of interest on May 31, 20X1.

2. Report interest payable and bonds payable as they would appear on the Monitors Plus balance sheet at December 31, 20X0.