Yale Corporation issued $60,000, 8% (cash interest payable semiannually on July 1 and January 1) 10-year bonds dated and sold on January 1. If the bonds were sold at face value, provide the journal entries to be made at each of the following dates. Yale's fiscal year ends on December 31. a. January 1, for issuance of bonds. b. July 1, for the first interest payment. c. December 31, for the adjusting entry. DateAccount NameDr.Cr.a.Jan. 1CashInventoryEquipmentLandDeferred RevenueBonds PayableDiscount on Bonds PayableDiscount and Debt Issuance CostsPremium on Bonds PayableFair Value Adjustment—Bonds PayableNote PayableDiscount on Note PayablePremium on Note PayableFair Value Adjustment—Note PayableInterest PayableCommon StockPaid-in Capital in Excess of Par—Common StockPaid-in Capital—Stock WarrantsRetained Earnings—Prior Period AdjustmentDebt Conversion ExpenseInterest ExpenseLoss on Redemption of BondsGain on Redemption of BondsUnrealized Gain or Loss—IncomeUnrealized Gain or Loss—OCI CashInventoryEquipmentLandDeferred RevenueBonds PayableDiscount on Bonds PayableDiscount and Debt Issuance CostsPremium on Bonds PayableFair Value Adjustment—Bonds PayableNote PayableDiscount on Note PayablePremium on Note PayableFair Value Adjustment—Note PayableInterest PayableCommon StockPaid-in Capital in Excess of Par—Common StockPaid-in Capital—Stock WarrantsRetained Earnings—Prior Period AdjustmentDebt Conversion ExpenseInterest ExpenseLoss on Redemption of BondsGain on Redemption of BondsUnrealized Gain or Loss—IncomeUnrealized Gain or Loss—OCI b.Jul. 1CashInventoryEquipmentLandDeferred RevenueBonds PayableDiscount on Bonds PayableDiscount and Debt Issuance CostsPremium on Bonds PayableFair Value Adjustment—Bonds PayableNote PayableDiscount on Note PayablePremium on Note PayableFair Value Adjustment—Note PayableInterest PayableCommon StockPaid-in Capital in Excess of Par—Common StockPaid-in Capital—Stock WarrantsRetained Earnings—Prior Period AdjustmentDebt Conversion ExpenseInterest ExpenseLoss on Redemption of BondsGain on Redemption of BondsUnrealized Gain or Loss—IncomeUnrealized Gain or Loss—OCI CashInventoryEquipmentLandDeferred RevenueBonds PayableDiscount on Bonds PayableDiscount and Debt Issuance CostsPremium on Bonds PayableFair Value Adjustment—Bonds PayableNote PayableDiscount on Note PayablePremium on Note PayableFair Value Adjustment—Note PayableInterest PayableCommon StockPaid-in Capital in Excess of Par—Common StockPaid-in Capital—Stock WarrantsRetained Earnings—Prior Period AdjustmentDebt Conversion ExpenseInterest ExpenseLoss on Redemption of BondsGain on Redemption of BondsUnrealized Gain or Loss—IncomeUnrealized Gain or Loss—OCI