Two independent situations follow:

1.

On January 1, 2020, Flounder Limited issued $260,000 of 10-year, 9% bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1.2.

On June 1, 2020, Shamrock Inc. issued at par, plus accrued interest, $201,000 of 10-year, 10% bonds dated January 1. Interest is payable semi-annually on July 1 and January 1.

Prepare journal entries to record the issuance of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not i If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the proble Date Account Titles and Explanation Debit Credit Flounder Limited 1/1/20 Cash 260000 Bonds Payable 260000 Shamrock Inc. 6/1/20 V Cash 209375 Interest Expense 8375 Bonds Payable 201000Prepare journal entries to record the payment of interest on July 1. (Credit account titles are automatically indented when the amount is manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Flounder Limited 7/1/20 Interest Expense Cash Shamrock Inc. 7/1/20 Interest Expense CashPrepare journal entries to record the accrual of interest on December 31. (Credit account titles are automatically indented when the indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Flounder Limited 12/31/20 Shamrock Inc. 12/31/20