On April 1, 2016, CMV Corp

On April 1, 2016, CMV Corp. issued $500,000, 7%, 10-year bonds at face value. The bonds were dated April 1, 2016, and pay interest annually on April 1. Financial statements are prepared annually on December 31. Instructions Prepare the journal entry to record the issuance of the bonds. Date Description Debit Credit (b) ) Prepare the adjusting entry to record the accrual of interest on December 31, 2016, Description Debit Credit Date (c) Prepare the journal entry to record the payment of interest on April 1, 2017 Date Description Debit Credit