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Entries for issuing bonds and amortizing discount by straight-line methed On the first day of its fiscal year, Chin Company issued $21,500,000 of 5 -year, 8% bonds to finance its operations of producing and solling home improvervent products. tnterost is payable semiannually. The bonds were issued at a market (effective) interest rate of 9%, resulting in Chin recelving cash of $20,649,434. a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannyal interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it biank: 1. Issuance of the bonds. 2. First semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) 3. Second semiannual interest payment. The bond discount is combined with the semiannual interest payment. (Round your answer to the nearest dollar.) If an amount box does not require an entry, leave it blank. b. Determine the amount of the bond interest expense for the first year. c. Why was the company able to issue the bonds for only 420,649,434 rather than for the foce amount of 121.500,000 ? The market tate of interest is the contract rate of interest. Therefore, inventors willing to pry the full face amount of the bonds Entries for issuing par stock On January 22, Jefferson County Rocks Inc, a marble contractor, issued for cash 50,000 shares of 524 par common stock at 582 , and on February 27 , it issued for cash 140,000 shares of preferred stock, $4 par at $6. a. Journalize the entries for January 22 and February 27 . If an amount box does not require an entry, leave it blank. b. What is the total amount invested (total paid-in capital) by all stockhoiders as of February 27 ? The declaration, record, and payment dates in connection with a cash dividend of $38,800 on a corporation's common stock are July 9 , August 31 , and October 1 . Journaize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not requife an ent leave it blank, Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co, for the fiscal year ended June 30 , 20y7: Salaries Payable 11,400 Customer Refunds Payable 10,000 Estimated Coupons Payable 3,000 Note Payable (final payment due in 20 years) 375,000 Common Stock 69,400 Retained Earnings 517,200 Dividends 70,300 Sales Cost of Goods Sold 4,298,200 Sales Salaries Expense 2,486,200 Advertising Expense 699,100 Depreciation Expense-Store Equipment 192,300 Miscellaneous Selling Expense 37,500 Office Salaries Expense 16,400 Rent Expense Insurance Expense 381,700 Depreciation Expense-Office Equipment Office Supplies Expense 56,400 . 17,500 Miscellaneous Administrative Expense 28,200 10,300 Interest Expense 7,500 11,400 Income Statement For the Year Ended June 30, 20Y7 Expenses: Selling expenses: Total selling expenses Administrative expenses: 2. Prepare a statement of stockholders' equity. Additional common stock of 57,500 was issued during the year ended June 30 , 20r7