Accounting

On January 1, 2021, Wildhorse Satellites issued $1,320,000, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Wildhorse has a December 31 year end. A partial bond amortization schedule is presented below: Interest Payment Interest Expense Amortization Semi-Annual Interest Period Jan. 1, 2021 July 1, 2021 Jan. 1, 2022 July 1, 2022 Jan. 1, 2023 July 1, 2023 Jan. 1, 2024 $[1] 39,600 39,600 39,600 39,600 39,600 $ [2] 43,033 43,153 43,278 43,406 43,539 $3,317 3,433 [3] [4] 3,806 3,939 Bond Amortized Cost $1,226,198 1,229,515 1,232,948 1,236,501 [5] 1,243,985 1,247,924 What was the market interest rate when the bonds were issued? (Round answer to 0 decimal places, e.g. 52%.) Market interest rate % Record the issue of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1, 2021 (To record issuance of bonds.) Debit Credit Date Account Titles and Explanation July 1, 2021 (To record interest payment.) Record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2021 (To accrue interest expense.) What amounts would be reported as current and non-current in the liabilities section of Wildhorse's December 31, 2021, balance sheet? WILDHORSE SATELLITES Balance Sheet (Partial) $ $ $ $