On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
a. the issuance of the bonds on March 1, Year 1
b. the payment of interest on June 30, Year 1
c. the payment of interest on December 31, Year 1