Two independent situations follow:

1. On January 1, 2023, Divac Limited issued $300,000 of 10-year, 9% bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1.

2. On June 1, 2023, Verbitsky Inc. issued at par, plus accrued interest, $200,000 of 10-year, 12% bonds dated January 1. Interest is payable semi-annually on July 1 and January 1.

Instructions
For each of these two independent situations, rounding to the nearest dollar, prepare journal entries to record:

a. The issuance of the bonds

b. The payment of interest on July 1

c. The accrual of interest on December 31