On May $1,2023$ Burrough Corporation issued $$448,000$ worth of $4\%$ bonds due in $9$ years. Interest is paid semi$-$annually on November $1$ and May $1$ of each year, and Burrough Corporation's year end is December $31.$ On the issuance date, the market rate of interest was $5\%,$ resulting in a price of $$415,864$ for these bonds. Note: The premium$/$discount is amortized using the straight$-$line method.

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a$)$ Is this bond issued at a discount or at a premium?: Answer

Prepare the journal entry on May $1,2023,$ to issue the bonds.

Date Account Title and Explanation Debit Credit

May $1$ Answer Answer

Answer Answer

Answer Answer

Issuance of bonds

b$)$ Prepare the journal entry on November $1,2023,$ to record the first interest payment assuming the straight$-$line method for amortization of bond discount$/$premium is used.

Date Account Title and Explanation Debit Credit

Nov $1$ Answer Answer

Answer Answer

Answer Answer

Payment of interest and amortization

c$)$ Prepare the adjusting entry on December $31,2023$ assuming the straight$-$line method for amortization of bond discount$/$premium is used.

Date Account Title and Explanation Debit Credit

Dec $31$ Answer Answer

Answer Answer

Answer Answer

Accrual of interest on bonds

d$)$ Show the balance sheet presentation of long$-$term liabilities only as at December $31,2023.$

Bonds Payable, $4\%,$ Due May $1,2032$ $Answer

Add premium or subtract discount $Answer

Total Long$-$Term Liabilities $Answer