Question: McQueen Corp issued 75% seven-year bonds payable with a face amount of $90,000 when the market interest was 7.5%. Assume that the accounting year of

McQueen Corp issued 75% seven-year bonds payable with a face amount of $90,000 when the market interest was 7.5%. Assume that the accounting year of McQueen ends on December 31 and that bonds pay interest on January 1 and July 1. Journalize the following transactions for McQueen. Include an explanation for each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) a. Issuance of the bonds payable at par on July 1, 2016 b. Accrual of interest expense on December 31, 2016 (rounded to the nearest dollar) c. Payment of cash interest on January 1, 2017 d. Payment of the bonds payable at maturity (give the date) a. Issuance of the bonds payable at par on July 1, 2016

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