Journal entry on Long term Liabilities

for amortization of bond discount/premium is used. Date Account Title and Explanation Debit Credit Interest Expense Dec 31 Answerl Answerl Answer Discount on Bonds Payable Answerl Answer Interest Payable Answer Accrual of interest on bonds d) Show the balance sheet presentation of long-term liabilities only as at December 31, 2020. Bonds Payable, 7%, Due May 1, 2023 >Answerl Add premium or subtract discount $Answerl Total Long-Term Liabilities $Answerl7. On May 1, 2020 Crop Corporation issued $450,000 worth of 7% bonds due in 5 years. Interest is paid semi-annually on November 1 and May 1 of each year, and Crop Corpora- tion's year end is December 31. On the issuance date, the market rate of interest was 8%, resulting in a price of $431,767 for these bonds. Note: The premium/discount is amor- tized using the straight-line method. Prepare the journal entry on May 1, 2020, to issue the bonds. Date Account Title and Explanation Debit Credit May 1 Answer Cash Answer Answer Discount on Bonds Payable Answer Answer Bonds Payable Answerl Issuance of bonds b) Prepare the journal entry on November 1, 2020, to record the first interest payment as- suming the straight-line method for amortization of bond discount/premium is used. Date Account Title and Explanation Debit Credit Nov 1 Answer Interest Expense Answer Answerl Cash Answer Answerl Discount on Bonds Payable Answer Payment of interest and amortization c) Prepare the adjusting entry on December 31, 2020 assuming the straight-line method