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On March 1, 2021, Cheryl Corp. issued a $500,000,7% two-year bond at a premium price...

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Accounting

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On March 1, 2021, Cheryl Corp. issued a $500,000,7% two-year bond at a premium price of 103 when the market interest rate was 6% on the date of issue. Interest is payable semi-annually each September 1, and March 1. Using the straight-line interest method, prepare the journal entries to record the following events. Bond issuance on March 1, 2021: Debit Credit .. First interest payment on September 1, 2021: Debit Credit c. Second interest payment on March 1, 2022: Debit Credit d. Payoff of bond back to bond holders (please include date)

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