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Problem 10-3A On May 1, 2015, Herron Corp. issued $477,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2015, and pay interest semiannually on May 1 and November 1, Financial statements are prepared annually on December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, 2015 Prepare the adjusting entry to record the accrual of interest on December 31, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and Explanation Debit Credit Dec. 31, 2015 Show the balance sheet presentation on December 31, 2015. (For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2017.) Herron Corp. Balance Sheet December 31, 2015 Prepare the journal entry to record payment of interest on May 1, 2016, assuming no accrual of interest from January 1, 2016, to May 1, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1, 2016 Debit Credit Prepare the journal entry to record payment of interest on November 1, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1, 2016 Assume that on November 1, 2016, Herron calls the bonds at 103. Record the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1, 2016