Island Corporation issued $500,000 of 6%, 10-year bonds at 104 on May 1, 2009. Interest is paid semiannually on October 31 and April 30. Journalize the entries for the issuance of the bond on May 1, the first interest payment on October 31 using the straight-line method, and the adjusting entry on December 31.

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The Answer of Island Corporation issued $500,000 of 6%, 10-year bonds at 104 on May 1, 2009. Interest is paid semiannually on October 31 and April 30. Journalize the entries for the issuance of the bond on May 1, the first interest payment on October 31 using the straight-line method, and the adjusting entry on December 31.

Island Corporation Issued $500,000 of 6%, 10-Year Bonds at 104