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QUESTION \#1 (20 points) On March 1, 2023, Nixon Corp. issued a $600,000,5% two-year bond...

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Accounting

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QUESTION \#1 (20 points) On March 1, 2023, Nixon Corp. issued a $600,000,5% two-year bond at a discounted price of 98 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. a. Bond issuance on March 1, 2023: Debit Credit b. First interest payment on September 1, 2023: Debit Credit c. Second interest payment: Date Debit Credit d. Payoff of bond back to bond holders (please include date): Date Debit Credit

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