On May 1, 2024, Pharoah Corp. issued $648,000 of 9%, 5-year unsecured bonds at face value. The bonds were dated May 1, 2024, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Your answer is correct. Are these debenture bonds? (b) Yes eTextbook and Media List of Accounts Your answer is correct. Attempts: 1 of 2 used Prepare the journal entry to record the issuance of the bonds. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles May 1, 2024 Cash Bonds Payable. Debit 648000 Credit 648000 Prepare the journal entry to record the payment of interest on May 1, 2025, assuming Pharoah does not use reversing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles May 1, 2025 Interest Expense Lease Liability cash eTextbook and Media List of Accounts Accounts Payable Accumulated Depreciation Bank Loan Payable Bonds Payable Debit Credit 58320 Assistance Used Assistance Used