On May 1, 2020, Herron Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31.

(a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date May 1, 2020 eTextbook and Media List of Accounts (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020 eTextbook and Media List of Accounts (c) Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information.) Herron Corp. Balance Sheet $ $ $ (d) Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date May 1, 2021 e Textbook and Media List of Accounts (e) Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31, 2021 eTextbook and Media List of Accounts (f) Assume that on January 1, 2022, Herron pays the accrued bond interest and calls the bonds at 102. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Jan. 1, 2022 (To record payment of interest) Jan. 1, 2022 (To record redemption of bonds)