On January 1, 2010, Tara Corporation issued $400,000, 7%, 10 year bonds at 104. Interest is payable semiannually on July 1 and January 1. Tara uses the straight line method of amortization for bond premium or discount. Tara Corporation has a calender year-end and prepares annual adjusting entries.

Required:

a) Prepare the general journal entry to record the issuance of the bonds.
b) Prepare the general journal entry to record the July 1 interest payment.
c) Prepare the general journal entry to record the December 31 interest accrual.

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