On May 1, 2020, Ivanhoe Corp. issued $620,000,6%, 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) Your answer is correct 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 Cash 620000 620000 Bonds Payable (b) Your Answer Correct Answer (Used) Your answer is correct 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. Round answers to decimal places, eg. 5,675.) Date Account Titles and Explanation Debit Credit Dec. 31. Interest Expense 24800 2020 Interest Payable 24800 Your Answer Correct Answer Your answer is correct. Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information Round answers to decimal places, eg. 5,675) Ivanhoe Corp. Balance Sheet (Partial) December 31, 2020 Current Liabilities Interest Payable A 24800 Long-term Liabilities Bonds Payable $ 620000 (d) Your Answer Correct Answer (Used) 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. Round answers to decimal places, eg. 5,675.) Date Account Titles and Explanation Debit Credit May 1. 2021 Interest Payable 24.800 Interest Expense 12,400 Cash 37,200 (e) Your answer is partially correct. 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. Round answers to decimal places, eg. 5,675.) Account Titles and Explanation Debit Credit Date Dec. 31. 2021 Interest Expense Interest Payable