On January 1, Kirkland Company issued \(\$ 300,000,8 \%, 10\)-year bonds at face value. Interest is payable annually on January 1.

\section*{Instructions}

Prepare journal entries to record the following events.

(a) The issuance of the bonds.

(b) The accrual of interest on December 31.

(c) The payment of interest on January 1 .