5 taking advantage of lower interest rates seeltem below. The effective interest method is applied to amortize the discount. To take advantage of lower interest rates and to finance the call and redemption of the previously issued 6% bonds @ 101, on September 1, 2019. Generations issued new 5% bonds with face value of $100,000 to yield 6%. The maturity period of these new 5% bonds is 10 years and interest is paid semiannually on January 1 and June 30. The new 5% bonds were issued at a discount of $7,438 for an initial carrying value of $$92,562 on July 1, 2019. The effective-interest method is applied to amortize the discount. Selling and administrative expenses excluding noncash items totaled $87,345. PP&E is depreciated using the straight-line method over 25 years of life. Cash collected from customers totaled $906,450. Cash paid to suppliers for credit purchases totaled $728.254. Purchases of inventory totaled $689,525. All purchases were on credit. Generalfwas purchased land for $30,000 in advance of construction of a building and paid in full. 6 7 8 9 10 General Products, Inc. Requirements to Be Completed Requirement 1 Record the necessary journal entries for the year 2019. 2 Prepare the Income Statement and Statement of Retained Earnings for the year 2019. 3 Prepare the classified Balance Sheet as of December 31, 2019. 4 Show full calculation work! Please round your calculated answers to the closest dollar and ignore taxes. 5 taking advantage of lower interest rates seeltem below. The effective interest method is applied to amortize the discount. To take advantage of lower interest rates and to finance the call and redemption of the previously issued 6% bonds @ 101, on September 1, 2019. Generations issued new 5% bonds with face value of $100,000 to yield 6%. The maturity period of these new 5% bonds is 10 years and interest is paid semiannually on January 1 and June 30. The new 5% bonds were issued at a discount of $7,438 for an initial carrying value of $$92,562 on July 1, 2019. The effective-interest method is applied to amortize the discount. Selling and administrative expenses excluding noncash items totaled $87,345. PP&E is depreciated using the straight-line method over 25 years of life. Cash collected from customers totaled $906,450. Cash paid to suppliers for credit purchases totaled $728.254. Purchases of inventory totaled $689,525. All purchases were on credit. Generalfwas purchased land for $30,000 in advance of construction of a building and paid in full. 6 7 8 9 10 General Products, Inc. Requirements to Be Completed Requirement 1 Record the necessary journal entries for the year 2019. 2 Prepare the Income Statement and Statement of Retained Earnings for the year 2019. 3 Prepare the classified Balance Sheet as of December 31, 2019. 4 Show full calculation work! Please round your calculated answers to the closest dollar and ignore taxes