On January 1, 2022, Learned, Incorporated, issued $12 million face amount of 20-year, 18% stated rate bonds when market interest rates were 20%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2041. Table 6.4. Table 6-5 Note: Use appropriate factor from the table provided. Problem 7-34 (Algo) Part a Required: a. Calculate the proceeds (issue price) of Learned Incorporated's, bonds on January 1, 2022, assuming that the bonds were sold to provide a market rate of return to the investor. Note: Round PV factor to 4 decimal places. Enter your answers in dollars, rather than in millions of dollars. Proceeds Required information. Problem 7-34 (Algo) Bonds payable-calculate issue price and amortize premium LO 7-8 [The following information applies to the questions displayed below.] Save & Exit On January 1, 2022, Learned, Incorporated, issued $12 million face amount of 20-year, 18% stated rate bonds when market interest rates were 20%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2041. Table 6-4. Table 6-5 Note: Use appropriate factor from the table provided. Assets Problem 7-34 (Algo) Part b - Horizontal model b-1. Assume instead that the proceeds were $12,451,000. Use the horizontal model to record the payment of semiannual interest and the related premium amortization on June 30, 2022, assuming that the premium of $451,000 is amortized on a straight-line basis. Balance Sheet Check my work Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Enter your answers in dollars, rather than in millions of dollars. Liabilities Submit Stockholders' Equity Net Income Required information b-2. Assume instead that the proceeds were $12.451,000. Record the journal entry to show the payment of semiannual interest and the related premium amortization on June 30, 2022, assuming that the premium of $451,000 is amortized on a straight-line basis. Note: Enter your answers in dollars, rather than in millions of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet Record the semiannual cash payment and amortization of premium. Note: Enter debits before credits. Event 1 General Journal < Prev S 37 Debit of 37 Credit Next T.pd cation pt.pdf