The board of directors of Harmony Electronics authorizes the issue of ($ 8,000,000) of (10 %, 25)-year

Question:

The board of directors of Harmony Electronics authorizes the issue of $\$ 8,000,000$ of $10 \%, 25$-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued' on May 31, 2019, at par.

{Requirements}

1. Journalize the following transactions:

a. Issuance of the bonds on May 31, 2019

b. Payment of interest on November 30, 2019

c. Accrual of interest on December 31, 2019

d. Paymént of interest on May 31, 2020 2. Report interest payable and bonds payable as they would appear on the Harmony Electronics balance sheet at December 31, 2019.

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