1)Pronghorn, Inc. had outstanding $5,990,000of12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,140,000of11%, 15-year bonds (interest payable July 1 and January 1) at98. A portion of the proceeds was used to call the12% bonds (with unamortized discount of $179,700) at103on August 1.

What are the journal entries necessary to record issue of the new bonds and the refunding of the bonds

Date Account Titles and Explanation Debit Credit

July 1

(To record issuance of11% bonds)

August 1

(To record retirement of12% bonds)

2)

OrioleCo. is building a new hockey arena at a cost of $2,620,000. It received a downpayment of $450,000from local businesses to support the project, and now needs to borrow $2,170,000to complete the project. It therefore decides to issue $2,170,000of10%,10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield9%.

What are the journal entry to record the issuance of the bonds on January 1, 2016.

Date Account Titles and Explanation Debit Credit

January 1, 2016

what would be the bond amortization schedule up to and including January 1, 2020, using the effective interest method.

Date Cash Paid Interest Expense Premium Amortization Carrying Amount of Bonds

$ $ $ $

1/1/16

1/1/17

1/1/18

1/1/19

1/1/20

Assume that on July 1, 2019, Oriole Co. redeems half of the bonds at a cost of $1,146,600plus accrued interest. Prepare the journal entry to record this redemption.

Date Account Titles and Explanation Debit Credit

July 1, 2019

(To record interest)

July 1, 2019

(To record reacquisition)

.Please round to the nearest 0 (ex:5.12-5.oo) on all answers please show all work and explanations