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Island Cove Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 104 Life of bonds: 10

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Island Cove Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 104 Life of bonds: 10 years Stated rate: 6% a year payable semiannually on October 31 and April 30 Required: Prepare the following general journal entries. a. The issuance of the bonds on May 1, 20-A. The first interest payment Redeem the bonds at maturity

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