On July 1, 2024, Wildhorse Corp. issued $4.24 million of 10-year, 5% bonds at $4,586,650. This price resulted in a 4% market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and January 1, and Wildhorse has a December 31 year end. (a) Your answer is correct. Record the issue of the bonds on July 1, 2024. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles July 1, 2024 Cash Bonds Payable Debit 4,586,650 Credit 4,586,650 WILDHORSE CORP. Bond Premium Amortization Table Effective Interest Method-Semi-Annual Interest Payments 5% Bonds Issued at market rate of 4% Date Interest Payment July 1, 2024 Jan. 1, 2025 106,000 Interest Expense 91,733 Premium Amortization Bond Carrying 14,267 4, July 1, 2025 106,000 91,448 14,552 4, Jan. 1, 2026 106,000 91,157 14,843 4, July 1, 2026 106,000 90,860 15,140 4, Jan. 1, 2027 106,000 90,557 15,443 4, July 1, 2027 106,000 90,248 15,752 4, Jan. 1, 2028 106,000 89,933 16,067 4, July 1, 2028 106,000 89,612 16,388 4, $ Bond Carrying Amount 4586650 4,572,383 4,557,831 4,542,987 4,527,847 4,512,404 4,496,652 4,480,585 4,464,197 Assuming instead that Wildhorse has an August 31 year end, prepare the adjusting entry related to these bonds on August 31, 2024, as well as the subsequent interest payment on January 1, 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Aug. 31, 2024 Jan. 1, 2025 Account Titles Debit Credit