Accounting 11 (ACC 220): 2nd Exam QUESTION 1 (15 MARKS) On June 1, 2020, Bell Corporation issued $800,000, 9%, 5-year bonds at face value. The bonds were dated June 1, 2020, and pay interest annually on June 1. Financial statements are prepared annually on December 31 REQUIRED: a. b. Prepare the journal entry to record the issuance of the bonds. (2 Marks) Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (2 marks) C. Show the statement of financial position presentation on December 31, 2020. (3 Marks) d. Prepare the journal entry to record payment of interest on June 1, 2021. (3 marks) e. Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (2 marks) f. Assume that on January 1, 2022, Bell pays the accrued bond interest and call- (3 man the bonds at 103. Record the payment of interest and redemption of the bond -END OF QUESTION PAPER-