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Bethel Products Ltd. issued $450,000 of 3.6%, 12 year bonds on January 1, 2023 that pay interest annually. The bond issue price was $433,107.

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Bethel Products Ltd. issued $450,000 of 3.6%, 12 year bonds on January 1, 2023 that pay interest annually. The bond issue price was $433,107. The market interest rate was 4% for these bonds. The year end is December 31. Required: (Round all answers to the nearest dollar) 1. Prepare the adjusting entry on December 31, 2021. (5 marks) 2. Prepare the first interest payment on January 1, 2022. (2 marks)

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