Alt -PART 1111 AKI:HOME ( 30 POINTS) PROBLEMS CHAPTER 14 Weaver Research Company issues bonds on January 1, 2008, that pay interest semiannually on June 30 and December 31. The bonds have a $140,000 par value, the annual contract rate is 10%, and the bonds mature in 15 years. Roard dollar amounts to the nearest whole dollar Reguired: For each of the following three separate situations. (a) determine the bonds" issue price and (b) prepare the journal entry to record their issuancet) prepare the journal entry to record their interest expense I. Market rate at the date of issuance is 106%. Principal Interest Present value Face value Carrying Cash Paid Interest Expense Amortized Amount Date 20 930 1/1/08 12/31/08 7,000 06/30/09 12/31/09 75271 GENERAL JOURNAL PAGE1 DATE DESCRIPTION PR. DEBIT CREDIT Alt 3. Market rate at the date of issuance is 16%. Principal Interest Present value Face value Carrying Cash Interest Paid Expense Amortized Amount Date 1/1/08 12/31/08 06/30/09 12/31/09 PAGE GENERAL JOURNAL CREDIT PR.-1- DEBIT DATE DESCRIPTION