On May 1, 2010 Kirmer Corp. purchased $450,000 of 12% bonds, int. payable on January 1 & July 1 for $422,800+accrued interest. Bonds mature on Jan. 1 2016.Amortization is recorded when interest is received by the straight-line method (by months rounded to nearest dollr). (Assume bonds are avail. for sale).

Prepare the entry for May 1, 2020

Bonds are sold Aug. 1, 2011--prepare all entries required to properly record the sale.