2 Partially correct Mark 12.62 out of 15.00 Flag question ReBook Print Analyzing and Reporting Financial Statement Effects of Bond Transactions On January 1, 2016, Hutton Corp, issued $200,000 of 15-year, 14% bonds payable for $261,489, yielding an effective interest rate of 10%. Interest is payable semiannually on June 30 and December 31. Required a. Show computations to confirm the issue price of $261,489. b. Prepare journal entries to record the bond issuance, semiannual interest payment and premium amortization on June 30, 2016, and semiannual interest payment and premium amortization on December 31, 2016. Use the effective interest rate method. c. Post the journal entries from part b to their respective T-accounts. d. Record each of the transactions from part b in the financial statement effects template. confirm your identity. e you interacted with Chegg servions Please dr Bond Computation Journal Entries T-Accounts Financial Statement Effects Template Note: Round your answers to the nearest dollar. Present value of principal repayment $ 46,267 x Present value of interest payments $ 215.213 Selling price of bonds 261,489 Check BusinessCourse Return to course Support Maddie McCracken Droo y 328 Analyzing and Reporting Financial Statement Effects of Bond Transactions On January 1, 2016, Hutton Corp, issued $200,000 of 15-year, 14% bonds payable for $261,489, yielding an effective interest rate of 10%. Interest is payable semiannually on June 30 and December 31. Required a. Show computations to confirm the issue price of $261,489. b. Prepare journal entries to record the bond issuance, semiannual interest payment and premium amortization on June 30, 2016, and semiannual interest payment and premium amortization on December 31, 2016. Use the effective interest rate method. c. Post the journal entries from part b to their respective T-accounts. d. Record each of the transactions from part b in the financial statement effects template. Bond Computation Journal Entries T-Accounts Financial Statement Effects Template Note: Use negative signs with your answers, when appropriate. For the first transaction, only use the second row if additional answers fields are needed. Otherwise enter answers using the first row. Inco Balance Sheet Noncash Contrib Transaction 1/1/19 Issue bonds at a premium Cash Asset Asset Capital Earned Capital Revenues 01-1 200,000 $ 0~ 6/30/19 Interest payment on bonds 12/31/19 Interest payment on bonds 0 0* 0 0x 0 0 0x Check confirm your identity DusinessCourse Return to course Support Maddie McCracken Analyzing and Reporting Financial Statement Effects of Bond Transactions On January 1, 2016, Hutton Corp. issued $200,000 of 15-year, 14% bonds payable for $261 9, yield an effective interest rate of 10%. Interest is payable semiannually on June 30 and December 31. Required a. Show computations to confirm the issue price of $261,489. b. Prepare journal entries to record the bond issuance, semiannual interest payment and premium amortization on June 30, 2016, and semiannual interest payment and premium amortization on December 31, 2016. Use the effective interest rate method. c. Post the journal entries from part b to their respective Taccounts. d. Record each of the transactions from part b in the financial statement effects template. confirm your identity. Bond Computation Journal Entries T-Accounts Financial Statement Effects Template al.com 31 Note: Use negative signs with your answers, when appropriate. For the first transaction, only use the second row if additional answers fields are needed. Otherwise enter answers using the first row. cause you interacted with Chegg services. Please D Balance Sheet Income Statement Cash Asset + Noncash Asset Contrib Earned Liabilities Capital Capital Revenues Expenses Net Income m 200,000 $ 0 = onds bonds 0x + 0= 0x 0 0x 0+ 0x 0x -> 0x 0x ON Check