The board of directors of Beta North America, Inc., authorizes the issuance of \(\$ 1\) million of \(9 \%, 20\)-year bonds payable. The semiannual interest dates are March 31 and September 30. The bonds are issued on April 30, 2007, at par plus accrued interest.

Requirements 

1. Journalize the following transactions:

a. Issuance of the bonds on April 30, 2007. 

b. Payment of interest on September 30, 2007.

c. Accrual of interest on December 31, 2007.

d. Payment of interest on March 31, 2008.

2. Report interest payable and bonds payable as they would appear on the Beta balance sheet at December 31, 2007.