8. Prepare journal entries for the following transactions.

On March 12, 2017, a company issues 7%, 5-year bond with a par value of $100,000 at a price of $92,000.

On May 7, Company A asks Company B to accept $100 cash and a 60-day, 6%, $500 note to replace its existing $600 Account Payable.

On Dec. 16, 2017, a firm borrows $3,000 from a bank at 6% annual interest for 60 days. Record the adjusting entry on Dec. 31.