Question: please help me with this practice question. take ur time Sonic Industries Lid. borrowed money by issuing a $80,000 6.3%, 10-year bond. Assume that Sonic

please help me with this practice question. take ur time

please help me with this practice question. take ur time Sonic Industries

Sonic Industries Lid. borrowed money by issuing a $80,000 6.3%, 10-year bond. Assume that Sonic Industries issued the bond on February 1, 2020, at a price of 89. Also assume that Sonic Industries's accounting year ends on Ju Journalize the following transactions for Sonic Industries, including an explanation for each entry: a. Issuance of the bonds on February 1, 2020 b. Accrual of interest expense and amortization of bonds on July 31, 2020. (Use the straight-line amortization method, and round amounts to the nearest dollar.) c. Payment of the first semi-annual interest amount on August 1, 2020. a. Journalize the issuance of the bonds on February 1, 2020. (Record debits first, then credits. Enter explanations on the last line.) Date Accounts and Explanation Debit Credit February 1, 2020 b. Journalize the accrual of interest expense and amortization of bonds on July 31, 2020. (Use the straight-line amortization method, and round amounts to the nearest dollar.) Date Accounts and Explanation Debit Credit July 31, 2020 c. Journalize the payment of the first semi-annual interest amount on August 1, 2020. Date Accounts and Explanation Debit Credit Aug. 1, 2020

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