On March 1, 2023, Nixon Corp. issued a $600,000, 5% two-year bond at a discounted price of 98 when the market interest rate was 6% on the date of issue. Interest is payable semi-annually each September 1, and March 1.

Using the straight-line interest method, prepare the journal entries to record the following events.

1. Bond issuance on March 1, 2023:

Debit Credit

1. First interest payment on September 1, 2023:

Debit Credit

1. Second interest payment:

Date Debit Credit

1. Payoff of bond back to bond holders (please include date):

Date Debit Credit