Two independent situations follow:

On January $1,2023,$ Sarasota Limited issued $$330,000$ of $10-$year, $9\%$ bonds at par. Interest is payable quarterly on April $1,$ July $1,$ October $1,$ and January $1.$

On June $1,2023,$ Sunland 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 $1.$

$($a$)$

Your answer is correct. entries.$)$

List of Accounts$($b$)$

Prepare journal entries to record the payment of interest on July $1.($Credit account titles are automatically indented when the amount is entered. Do not inden

credit entries.$)$