On January 1, 2011, Allied Robotics issued $500,000, 4%, five-year bonds at par. Interest is payable on

Question:

On January 1, 2011, Allied Robotics issued $500,000, 4%, five-year bonds at par. Interest is payable on January 1. Use the accounting equation to record the following:
1. The bond issue
2. The accrual of interest on December 31, 2011
3. The payment of interest on January 1, 2012