Presented below are two independent situations. 1. 2. On January 1, 2020, Metlock Company issued $216,000 of 8%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. On June 1, 2020, Bonita Company issued $168,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31. Date Account Titles and Explanation Debit 1. Metlock Company: 1/1/20 cash Bonds Payable 7/1/20 Interest Expense Cash 12/31/20 Interest Expense 6/1/20 Interest Payable 2. Bonita Company: Cash Bonds Payable Interest Expense 7/1/20 Interest Expense Cash 12/31/20 Interest Expense Interest Payable 216000 4320 4320 176400 | 10080 Credit 216000 4320 4320 168000 8400 10080 10080