On May 1, 2010, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2010, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.

It appears that you have provided some information regarding the issuance of bonds by Newby Corp. However, what specific step-by-step information or guidance are you seeking? Please provide more details or ask a specific question related to the bonds or financial statements for me to assist you further.

Based on the given information, Newby Corp. issued $600,000 worth of bonds on May 1, 2010. These bonds have the following characteristics:

- Face value: The face value of each bond is $1,000 (since $600,000 divided by the number of bonds gives us 600). This is the amount that will be paid back to bondholders at the end of the bond's term.
- Interest rate: The bonds have a stated interest rate of 9%. This means that bondholders will receive interest payments equal to 9% of the face value each year.
- Term: The bonds have a term of 5 years, which means they will mature and be paid back on May 1, 2015.
- Interest payment schedule: Interest on these bonds is paid semiannually, on May 1 and November 1 of each year.

With this information, you can calculate the annual interest payment, the semi-annual interest payment, and the total interest expense for Newby Corp. over the life of the bonds.

To calculate the annual interest payment, multiply the face value of the bonds by the interest rate:
$600,000 x 9% = $54,000

To calculate the semi-annual interest payment, divide the annual interest payment by 2:
$54,000 / 2 = $27,000

The total interest expense for each year can be calculated by multiplying the semi-annual interest payment by the number of interest payment periods in a year:
$27,000 x 2 = $54,000

Since financial statements are prepared annually on December 31, you would record the interest expense on the income statement for each year ending December 31.

Keep in mind that this explanation assumes the bonds were not issued at a premium or a discount, and that there are no additional terms or covenants associated with the bonds.