Brubeck Co. issued $10,000,000 of 30-year, 8% bonds on May 1 of the current year, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year:May 1Issued the bonds for cash at their face amount.Nov. 1Paid the interest on the bonds.Dec. 31Recorded accrued interest for two months.

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The Answer of Brubeck Co. issued $10,000,000 of 30-year, 8% bonds on May 1 of the current year, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year:May 1Issued the bonds for cash at their face amount.Nov. 1Paid the interest on the bonds.Dec. 31Recorded accrued interest for two months.