Problem 10-3A On May 1, 2019, Wildhorse Co. issued $600,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2019, and pay interest annually on May 1. Financial statements are prepared annually on December 31. 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.) Credit Date Account Titles and Explanation May 1, 2019 Cash Debit 600000 Bonds Payable 600000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare the adjusting entry to record the accrual of interest on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec 31, 2019 Interest Expense 48000 Interest Payable 48000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Show the balance sheet presentation on December 31, 2019. (Enter account name only and do not provide descriptive information.) Wildhorse Co. Balance Sheet Current Liabilities SHOW LIST OF ACCOUNTS Activate Windows Go to Settings to activate Windows. LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare the journal entry to record payment of interest on May 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date May 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Assume that on January 1, 2021, Wildhorse pays the accrued bond interest and calls the bonds at 103. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (To record payment of interest) Jan. 1, 2021 (To record redemption of bonds) Click if you would like to Show Work for this question: Open Show Work Activate Windows Go to Settings to activate Windows. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR