QUESTION 1 [3 MARKS] On January 1, Positive Corporation issued $650,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1. REQUIRED: Prepare journal entries to record the (a) Issuance of the bonds. (b) Payment of interest on July 1, assuming no previous accrual of interest. (c) Accrual of interest on December 31. The following section is taken from Ahsan Company's Statement of Financial Position at December 31, 2020. Current liabilities Interest Payable........ $ 200,000 Non-current liabilities Bonds Payable, 10%, due January 1, 2025 ............ 4,000,000 Interest is payable semiannually on January 1 and July 1. The bonds are callable on any interest date. REQUIRED: (a) Journalize the payment of the bond interest on January 1, 2021. (b) Assume that on January 1, 2021, after paying interest, Greene calls bonds having a face value of $600,000. The call price is 105. Record the redemption of the bonds. (c) Prepare the entry to record the payment of interest on July 1, 2021, assuming no previous accrual of interest on the remaining bonds