Pete's building. acquired several acres of buildable land and receive the approval to build 50 multi family buildings.On January 1, 2020, Pete's borrowed money as follows: Issued $250,000 shares of 5%, 5-year bonds. The bonds were sold at 98 at a time when the market interest rate is 11%.Interest is paid annally on January 1. The company uses the straight line method to amortize the discount.

1. Journalize the issuance of the bond entry for Jan 1

2. Journalize the accured interest on 12/31/2020

3. Assume the bonds were redeemed, prior to maturity, at 103 on January 1, 2023 after all interest is paid, journalize the entry.