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.) Date Account Titles and Explanation May 1, 2020 Debit Credit Cash 620000 Bonds Payable 620000 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 O decimal places, eg. 5,675.) Date Account Titles and Explanation Dec. 31. Interest Expense 2020 Debit Credit Interest Payable