Business, 21.12.2021 05:30 101EXPERIENCE

31-On January 1, 2020 Planet Corporation issued $12,000,000 of 4% annual interest, 10-year bonds at 100 (at par value). Interest is to be paid semiannually each June 30 and December 31. The journal entry to record the issuance of the bonds would be: a. Debit Cash and credit Bonds Payable both for $12,000,000.

b. Debit Cash $7,200,000, Debit Interest Expense $4,800,000 and credit Bonds Payable for $12,000,000.

c. Debit Cash and credit Interest Expense both for $12,000,000.

d. Debit Interest Expense and credit Bonds Payable both for $12,000,000.

e. Debit Interest Payable and credit Bonds Payable both for $12,000,000

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