(Learning Objectives 1, 2: Record bond transactions (at par); report bonds payable on the balance…

(Learning Objectives 1, 2: Record bond transactions (at par); report bonds payable on the balance sheet) The board of directors of Cable Plus authorizes the issue of $7,000,000 of 6%, 20-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2014, at par.