Instructions On July 1, 2019, Salem Corporation issued $3.3 million of 8% bonds payable in 10 years. The bonds pay interest semiannually. The bonds include detachable warrants giving the bondholder the right to purchase for $33, one share of $1 par value common stock at any time during the next 10 years. Salem sold the bonds for $3.3 million. The value of the warrants at the time of issuance was $132,000. Required: Prepare in general journal format the entry to record the issuance of the bonds. Chart of Accounts CHART OF ACCOUNTS Salem Corporation General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance REVENUE 411 Sales Revenue 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 225 Common Stock Warrants 231 Salaries Payable 250 Unearned Revenue 255 Bonds Payable EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense General Journal Prepare in general journal format the entry to record the issuance of the bonds on July 1. General Journal Instructions 1 2 3 4 GENERAL JOURNAL DATE ACCOUNT TITLE PAGE 1 POST. REF. DEBIT CREDIT