Toy Story Corporation issued $500,000 of 6% bonds on May 1, 2008. The bonds were dated January

Question:

Toy Story Corporation issued $500,000 of 6% bonds on May 1, 2008. The bonds were dated January 1, 2008, and mature January 1, 2013, with interest payable July 1 and January 1. The bonds were issued at face value plus accrued interest. Prepare Toy Story’s journal entries for

(a) the May 1 issuance,

(b) the July 1 interest payment, and

(c) the December 31 adjusting entry.

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