Colson Corporation issues bonds to finance an expansion of its hot swimwear line. The $70,000 in bonds is issued on May 1, 2020 and pays interest in the amount of 5 percent annually. Interest payments are made semiannually, every May 1, and November 1. Record the journal entry necessary for each of the following:

a. The issuance of the bonds on May 1,2020.

Debit Credit

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b. The payment of interest on November 1, 2020.

Debit Credit

c. The interest accrual on December 31, 2020. (Round amount to the nearest whole $)

Debit Credit

d. The payment of interest on May 1, 2021. (Round amount to the nearest whole $)

Debit Credit