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0 Required information [The following information applies to the questions displayed below.) Hillside issues $1,300,000 of 7%, 15-year bonds dated January 1, 2020, that pay
0 Required information [The following information applies to the questions displayed below.) Hillside issues $1,300,000 of 7%, 15-year bonds dated January 1, 2020, that pay interest semiannually on June 30 and December 31 The bonds are issued at a price of $1.123,346. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. (a) For each semiannual period, complete the table below to calculate the cash payment, 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 210 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. Journal entry worksheet 1 > Record the issue of bonds with a par value of $1,300,000 cash on January 1, 2020 at an issue price of $1,123,346. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal Reg 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. (Round nearest whole dollar) Semiannual cash 2(a) Par (maturity) value Annual Rate Year Interest payment 2[b) Par (maturity) value Bonds price Discount on Bonds Payable Semiannual periods Straight-line discount amortization (2/6) Semiannual cash payment Discount amortization Bond Interest expense Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 20 Reg 3 Req 4 Req5 Prepare the first two years of a straight-line amortization table. (Round your intermediat whole dollar.) Carrying Value Semiannual Period- Unamortized End Discount 01/01/2020 06/30/2020 12/31/2020 06/30/2021 12/31/2021 Req 1 Req 2A to 20 Req3 Req 4 Req 5 Prepare the journal entries to record the first two interest payments. (Round your intermediate a dollar.) View transaction list Journal entry worksheet 1 2 > Record the first interest payment on June 30. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal Journal entry worksheet
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