January $1,2024,$ Chilton Ltd$.$ issued $$500,000$ of $5\%,5-$year bonds. The bonds were issued to yield a market interest rate of $6\%.$ Chilton's year end is December $31.$ On January $1,2026,$ immediately after making and recording the semi$-$annual interest payment, Chilton redeemed the bonds.

A partial bond amortization schedule is presented below.

Carrying

discount

Instructions

a$.$ Prepare the journal entry to record the payment of interest on July $1,2024.$

b$.$ Prepare the journal entry to accrue the interest expense on December $31,2024$

c$.$ Prepare the journal entry to record the payment of interest on January $1,2025.$

d$.$ Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at $100$ on January $1,2026,$ after payment of interest.

e$.$ Prepare the journal entry to record the redemption of the bonds on January $1,2026,$ assuming they were redeemed at $96.$