Current Attempt in Progress On May 1, 2020. Sunland Corp, issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31. fal Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date May 1 2020 Debit Credit Cash 670000 Bonds Payable 670000 Your answer is partially correct. Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense 2020 Interest Payable 80400 80400 e Textbook and Media lictaf As