On may 1, 2022, falcon Inc. issued 550000 of 12 year 5 bonds with interest payable semiannually on October 31 and April 30. The effective rate was 6% and Falcon received 503,408 for the bonds.

On May 1, 2022, Falcon Inc. issued $550,000 of 12-year 5% bonds with interest payable semiannually on October 31 and April 30. The effective rate was 6%, and Falcon received $503,408 for the bonds. 1. Record the journal entry for the issuance of the bonds. Start each entry on a starred row. General Journal Date debit accounts here credit accounts here Debit Credit 2. Record the journal entries for the first two interest payments on the bonds. (Use the effective interest amortization method.) Start each entry on a starred row. General Journal Date debit accounts here credit accounts here Debit Credit * 3. Prepare the journal entry for the maturity date of the bonds. (Assume that the final interest payment has already been recorded.) Start each entry on a starred row. General Journal Date Debit Credit debit accounts here credit accounts here *