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Use the following information for the Problems below. $($Algo$)$

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Hillside issues $$1,700,000$ of $8\%,15-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and

December $31.$

Problem $10-1$A $($Algo$)$ Straight$-$Line: Amortization of bond discount LO P$2$

The bonds are issued at a price of $$1,468,990.$

Required:

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.

$2($b$)$ For each semiannual period, complete the table below to calculate the straight$-$line discount amortization.

$2($c$)$ For each semiannual period, complete the table below to calculate the bond interest expense.

Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.

Prepare the first two years of a straight$-$line amortization table.

Prepare the journal entries to record the first two interest payments.

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2A$ to $2C$

Prepare the January $1$ journal entry to record the bonds' issuance.

Journal entry worksheet

$1$

Record the issue of bonds with a par value of $$1,700,000$ on January $1,2021$

at an issue price of $$1,468,990.$ 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.

$2($b$)$ For each semiannual period, complete the table below to calculate the straight$-$line discount amortization.

$2($c$)$ For each semiannual period, complete the table below to calculate the bond interest expense.

Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.

Prepare the first two years of a straight$-$line amortization table.

Prepare the journal entries to record the first two interest payments.

Complete this question by entering your answers in the tabs below.

Req $2A$ to $2C$

For each semiannual period, compute $($a$)$ the cash payment, $($b$)$ the straight$-$line discount amortization, and $($c$)$ the bond interest expense.

Note: Round your final answers to the nearest whole dollar. Complete this question by entering your answers in the tabs below.

Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Prepare the first two years of a straight$-$line amortization table.

Note: Round your intermediate and final answers to the nearest whole dollar.Prepare the journal entries to record the first two interest payments.

Note: Round your intermediate and final answers to the nearest whole dollar.

Journal entry worksheet

Record the first interest payment on June $30.$

Note: Enter debits before credits.Hillside issues $$1,700,000$ of $8\%,15-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and December $31.$

Problem $10-1$A $($Algo$)$ Straight$-$Line: Amortization of bond discount LO P$2$

The bonds are issued at a price of $$1,468,990.$

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.

$2($b$)$ For each semiannual period, complete the table below to calculate the straight$-$line discount amortization.

$2($c$)$ 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.