On January 1, 2020, Heedy Corporation issued $3,000,000 of 8%, 10-year bonds dated January 1, 2020, with interest payable semiannually on January 1 and July 1. The bonds are issued at 100.

1. Prepare the journal entry to record the sale of these bonds on January 1, 2020.
2. Prepare the journal entry to record the first payment of interest on July 1, 2020.
3. Prepare the adjusting entry on December 31, 2020, to accrual the interest expense.
4. Prepare the journal entry to record the payment of interest on January 1, 2021.
5. Prepare the journal entry to record the redemption of bonds at maturity.