On May 1, 2017, Herron Corp. issued $500,000, 5%, 5-year bonds at face value.

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On May 1, 2017, Herron Corp. issued $500,000, 5%, 5-year bonds at face value. The bonds were dated May 1, 2017, and pay interest annually on May 1. Financial statements are prepared annually on December 31.

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Show the balance sheet presentation on December 31, 2017. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 5,675.)

Herron Corp.

Balance Sheet (Partial)

current liabilities

Entry field with correct answer

Entry field with incorrect answer $

long term liabilities

Entry field with incorrect answer $

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Prepare the journal entry to record payment of interest on May 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.)

Date

Account Titles and Explanation

Debit

Credit

May 1, 2018

Interest Expense debit ?

Interest Payable debit 16,667

Cash credit ?

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Assume that on January 1, 2019, Herron pays the accrual bond interest and calls the bonds. The call price is 101. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2019

Interest Payable debit ?

Cash credit ?

(To record payment of interest)