Zhuang Corporation issued $450 000 9,5%, eight-year bonds on May 1 2014. Interest is paid semiannually on November l and May 1 of each year on the issuance date, the narket rate of interest was 8.5%, resulting in a price of 103.5 for these bonds. The effective-interest method of amortizing the premium or discount is used a) Prepare the journal entry on May 1,2014, to issue the bonds b) Prepare the journal entry on November 1,2014, to record the first interest payment and the amortization of the premium. c) Prepare the adjusting entry on December 31,2014 Answer General Journal Date Accounts Debit Credit a) May 1 b) Nov. 1 c) Dec. 31