On January 1, 2020, Jupiter Co. issued $ 400,000,10%, 10 years bonds at face value. Interest is payable annually. Required: Prepare the entries for issuance, accrual, and payment of bond interest. (24 points) Note: Write the numbers without commas SOLUTION: (a) Issuance of the bond entry on Jan 1, 2020:( 8 points) DATE ACCOUNT TITLES DEBIT CREDIT Jan 1, 2020 $ $ (b) The Accrual of interest on December 31, 2020: (8 points) DATE ACCOUNT TITLES DEBIT CREDIT Dec 31, 2020 $ GA On January 1, 2020, Jupiter Co. issued $ 400,000,10%, 10 years bonds at face value. Interest is payable annually. Required: Prepare the entries for issuance, accrual, and payment of bond interest. ( 24 points) Note: Write the numbers without commas F SOLUTION: (a) Issuance of the bond entry on Jan 1, 2020:( 8 points) DATE ACCOUNT TITLES DEBIT CREDIT Jan 1, 2020 $ Notes Payable Interest Payable Cash Bonds Payable (b) The Acer Interest Expense Accounts Payable DATE ACCOUNT TITLES cember 31, 2020: (8 points) DEBIT CREDIT $ Dec 31, 2020 $ (c) Payment of interest on January 1, 2021: (8 points) DATE ACCOUNT TITLES DEBIT CREDIT Jan. 1, 2021 $ $