Here is the problem: On July 1, 2019, East Carolina Chair Company issued $700,000 face value of 5%, 20 year bonds. The bonds call for semiannual interest payments and they mature on July 1, 2039. The company received cash of $492,176, a price that provides an annual yield of 8%. The company's fiscal year ends on March 31. Required: Using the interest method of accounting for bonds, prepare journal entries (to the nearest dollar) to record the following: A. The issuance of the bonds B. The payment of the first interest payment on January 1, 2020 C. The adjustment needed on March 31, 2020, A E G B Please make sure all numbers are formatted with appropriate commas. 4 S 6 7 8 East Carolina Chair Company General Journal Accounts 9 Date Debit Credit 10 A 11 12 13 14 15 16 17 B 18 19 20 21 22 23 24 Sheet1 Ready 1 3 i D