Pina Co. is building a new hockey arena at a cost of $2,560,000. It received a downpayment of $450,000 from local busine

[answerhappygod]

Pina Co Is Building A New Hockey Arena At A Cost Of 2 560 000 It Received A Downpayment Of 450 000 From Local Busine 1 (13.78 KiB) Viewed 33 times

Pina Co Is Building A New Hockey Arena At A Cost Of 2 560 000 It Received A Downpayment Of 450 000 From Local Busine 2 (27.48 KiB) Viewed 33 times

Pina Co Is Building A New Hockey Arena At A Cost Of 2 560 000 It Received A Downpayment Of 450 000 From Local Busine 3 (28.39 KiB) Viewed 33 times

Pina Co. is building a new hockey arena at a cost of $2,560,000. It received a downpayment of $450,000 from local businesses to support the project, and now needs to borrow $2,110,000 to complete the project. It therefore decides to issue $2,110,000 of 12 %, 10-year bonds. These bonds were issued on January 1, 2019.and pay interest annually on each January 1. The bonds yield 11%.

Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation January 1, 2019 Cash Bonds Payable Premium on Bonds Payable Debit 2,234,253 Credit 2,110,000 124,253

Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to O decimal places, e.g. 38,548.) Date 1/1/19 1/1/20 1/1/21 1/1/22 1/1/23 $ Cash Paid Interest Expense $ Premium Amortization $ Carrying Amount of Bonds