Wakefield Corporation issued 8%, 5-year bonds with a face value of $500,000 at a price of...

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Wakefield Corporation issued 8%, 5-year bonds with a face value of $500,000 at a price of 97 on July 1, 2021. The bonds pay interest each January 1 and July 1. Wakefield uses the straight-line amortization method for all bnd premiums and discounts. The company has a fiscal year-end of December 31. Read the requirements. Requirement 1. Record the issuance of the bonds on July 1, 2021. (Record debits first, then credits. Exclude explanations from any joumal entries.) Date 2021 Jul 1 Journal Entry Accounts Debit Credit Requirements 1. Record the issuance of the bonds on July 1, 2021. 2. Record the accrual for the cash interest payable on the bonds and the amortization of any premium or discount on the bonds on December 31, 2021. 3. Show how the accounts related to the bonds issued on July 1, 2021, would be reported on Wakefield's balance sheet as of December 31, 2021. - Wakefield Corporation issued 8%, 5-year bonds with a face value of $500,000 at a price of 97 on July 1, 2021. The bonds pay interest each January 1 and July 1. Wakefield uses the straight-line amortization method for all bnd premiums and discounts. The company has a fiscal year-end of December 31. Read the requirements. Requirement 1. Record the issuance of the bonds on July 1, 2021. (Record debits first, then credits. Exclude explanations from any joumal entries.) Date 2021 Jul 1 Journal Entry Accounts Debit Credit Requirements 1. Record the issuance of the bonds on July 1, 2021. 2. Record the accrual for the cash interest payable on the bonds and the amortization of any premium or discount on the bonds on December 31, 2021. 3. Show how the accounts related to the bonds issued on July 1, 2021, would be reported on Wakefield's balance sheet as of December 31, 2021. -