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On May 1, 2022, Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2022, and p interest

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On May 1, 2022, Sunland Corp. issued $670,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2022, and p 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, Cash 2022 Bonds Payable eTextbook and Media Debit 670000 Credit 670000

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