7.

On January 1, 2021, a company issues $720,000 of 8% bonds, due in seven years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $759.314 Required: a. Fill in the blanks in the amortization schedule below: (Round your answers to the nearest dollar amount.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 01/01/2021 06/30/2021 12/31/2021 b. Record the bond issue on January 1, 2021, and the first two semi-annual interest payments on June 30, 2021, and December 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount) View transaction lit Journal entry worksheet 1 2 Record the bond issue on January 1, 2021 Not Enter debit before credits b. Record the bond issue on January 1, 2021, and the first two semi-annual interest payments on June 30, 2021, and Decemb 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field your answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the semi-annual interest payment on June 30, 2021. Note: Enter debits before credits General Journal Debit Credit Dato June 30, 2021 Record entry Clear entry View general Journal Vlow general Journal your answers to the nearest dollar amount.) View transaction list Journal entry worksheet