Required information Use the following information for the Problems below. (Algo) [The following information applies to

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Required Information Use The Following Information For The Problems Below Algo The Following Information Applies To 1 (66.38 KiB) Viewed 67 times

Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.) Hillside issues $1,800,000 of 7%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. Problem 10-1A (Algo) Straight-Line: Amortization of bond discount LO P2 The bonds are issued at a price of $1,555,401. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 216) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2.) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A to 20 Reg 3 Reg 4 Reg 5 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 01 Cash Discount on bonds payable Bonds payable 1,555,401 244.599 1.800.000 Reg 1 Req 2A to 2C>
Complete this question by entering your answers in the tabs below. Req 1 Reg 2A to 20 Reg 3 Reg 4 Reg 5 For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. (Roun nearest whole dollar.) Annual Rate Year Par (maturity) value $ 1,800,000 Semiannual cash interest payment $ 63,000 2(a) 7% 6/12 = Par (maturity) value Bonds price Discount on Bonds Payable Semiannual periods Straight-line discount amortization 2(b) Semiannual cash payment Discount amortization Bond interest expense |2(c) = < Req 1 Req3 >
Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 20 Req3 Req 4 Reg 5 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense 0 $ < Req 2A to 20 Req 4 >
Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 20 Req3 Reg 4 Reg 5 Prepare the first two years of a straight-line amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Carrying Value Semiannual Period- Unamortized End Discount 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 < Req3 Req 5 >
Complete this question by entering your answers in the tabs below. Req 1 Reg 2A to 20 Reg 3 Reg 4 Reg 5 Prepare the journal entries to record the first two interest payments. (Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 > Record the first interest payment on June 30. Note: Enter debits before credits. General Journal Debit Credit Date June 30 Record entry Clear entry View general journal