On May 1, 2020, Marigold Corp. issued $615,000, 6%, five year bonds at face value. The bonds were dating May 1, 2020 and pay interest annually on May 1. Financial statements are prepared annually on December 31. (This is only one whole question with many parts by the way. Please explain the steps as well, thank you!)

On May 1,2020, Marigold Corp. issued $615,000,6%,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. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manualily.) Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account uties are automatically indented when amount is entered. Do not indent manually.) Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information) Prepare the journal entry to record payment of interest on May 1, 2021. (Credit occount titles are automatically indented when amount is entered. Do not indent manually) Prepare the adjusting entry to record the accrual of interest on December 31.2021. (Credit occount titles are outomaticolly indented when amount is entered. Do not indent manually.) Assume that on January 1,2022, Marigold pays the accrued bond interest and calls the bonds at 103, Record the payment of interest and redemption of the bonds. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.)