Questions 1 pas On January 1, 2021, Peach Corporation issues $600,000, 5-year, 7% bonds at par. Interest is paid semiannually on January 1 and July 1. Peach Corporation uses the straight-line method of amortization. The company's fiscal year ends on December 31. Which of the following statements about the journal entry for these bonds on July 1, 2021 is TRUE? The entry decreases net income and increases liabilities. The entry increases expenses and increases assets. The entry decreases assets and increases stockholder's equity. The entry decreases assets and stockholder's equity