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During Year 1 and Year 2. Agatha Corp.completed the following uansactions relating to its bond issue. The corporation's fiscal year is the calendar year. Year yan 1 Issued $390,000 of 10-year, 6 percent bonds for $378,000. The annual cash payment for interest is due on December 31. Dec. 31 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest Dec. 31 Closed the interest expense account Year 2 Dec 31 Recognized interest expense, including the straight line amortization of the discount, and made the cash payment for interest Dec. 31 closed the interest expense account Required 0-1. When the bonds were issued, was the market rate of interest more or less than the stated rate of interest? 0-2. If Agatha had sold the bonds at their face amount, what amount of cash would Agatha have received? b. Prepare the general Journal entries for the above transactions c. Prepare the liabilities section of the balance sheet at December 31 Year 1 and Year 2 d. Determine the amount of interest expense that will be reported on the income statements for Year 1 and Year 2. e. Determine the amount of interest that will be paid in cash to the bondholders in Year 1 and Year 2 Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required Required cRequired Required E When the bonds were issued, was the market rate of interest more or lon than the stated rate of interest When the bonds were issued was the market rate of interest more or less than the stated rate of interest? Required A2 > Check my work During Year 1 and Year 2, Agatha Corp. completed the following transactions relating to its bond issue. The corporation's fiscal year is the calendar year Year 1 Jan 1 Issued $390,000 of 10-year, 6 percent bonds for $378,000. The annual cash payment for interest is due on December 31. Dec 31 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest Dec ) 31 Closed the interest expense account. Year 2 Dec. 31 Recognized interest expense, including the straight line amortization of the discount, and made the cash payment for interest Dec 31 Closed the interest expense account. Required 0-1. When the bonds were issued was the market rate of interest more or less than the stated rate of interest? 2-2. If Agatha had sold the bonds at their face amount what amount of cash would Agatha have received? b. Prepare the general journal entries for the above transactions c. Prepare the liabilities section of the balance sheet at December 31. Year 1 and Year 2 d. Determine the amount of interest expense that will be reported on the income statements for Year 1 and Year 2 e. Determine the amount of interest that will be paid in cash to the bondholders in Year 1 and Year 2 Complete this question by entering your answers in the tabs below. Required E Required A1 Require2 Required Required Required B If Agatha had sold the bonds at their face amount, what amount of cash would Agatha have received? Amount of cash Chec During Year and Year 2. Agatha Coro completed the following transactions relating to its bond issue. The corporation's fisca the calendar year Year 1 an Is $399,000 of 10 year, 6 percent bonds for $378,00e. The annual cash payrent for interest is due on December De 21 Recognized interest expense, including the straight line amortization of the discount, and made the cash payment fo interest. Dec 31 closed the interest expense account. Year 2 yet 1 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest Dec 31 Closed the interest expense account, Regulred 6-1. When the bonds were issued, was the market rate of interest more or less than the stated rate of interest? a-2. If Agatha had sold the bonds at their face amount, what amount of cash would Agatha have received? b. Prepare the general journal entries for the above transactions c. Prepare the liabilities section of the balance sheet at December 31, Year 1 and Year 2 d. Determine the amount of interest expense that will be reported on the income statements for Year 1 and Year 2 c. Determine the amount of interest that will be paid in cash to the bondholders in Year 1 and Year 2 Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required Required D Required E Determine the amount of interest expense that will be reported on the income statements for Year 1 and Year 2 Interest expense Year Year 2