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 b. The first interest payment for 20-A. c. The adjusting entry for December 31, 20-A d. The reversing entry for Lanuary 1, 20-3 If an amount box does not require an entry leave it blank Pages DATE DESCRIPTION POST DEBIT REF CREDIT 520,000 premium on Bands Dayable Bonds Payable 500D > esc ON # $ 2. % 3 & A un 5 6 7 7 an entry leave it blank DATE DESCRIPTION POST. REF Page 1 CREDIT DEBIT 520,000 1 20,000 2 1 May 1 Cash Premium on Bonds Payable Bonds Payable 4 5. Oct. 31 Bond Interest Expense Premium on Bonds Payable 7 Cash 500.000 3 d 14,000 5 1.000 15.000 D31 Bons Payable 10 10 12 cap 1 o 2 06 3 4 8 5 6 7 9 8 W 9 e Y u s d f g h