1. Devers Corporation issued $400,000 of 6% bonds on May 1, 2011. The bonds were dated January 1, 2011, and mature January 1, 2013, with interest payable July 1 and January 1. The bonds were issued at face value plus accrued interest. Prepare Devers’s journal entries for
(a) The May 1 issuance,
(b) The July 1 interest payment, and
(c) The December 31 adjusting entry
