2. On July 1, Year 1, Johnny Guitar's Music Shop issued $1,000,000 of 5 year, 8% bonds at a market (effective) interest rate of 10%, receiving cash of $924, 183. Interest on the bonds is paid annually. a. Journalize the entry to record issuance of the bonds. olne ban bine b. Journalize the entry to record accrual of interest. on the bonds as of December 31, Year 1.

2. On July 1 , Year 1 , Johnny Guitar's Music Shop issued $1,000,000 of 5 year, 8% bonds at a market (effective) interest rate of 10%, receiving cash of $924,183. Interest on the bonds is paid annually. a. Journalize the entry to record issuance of the bonds. b. Journalize the entry to record accrual of interest. on the bonds as of December 31, Year 1