Analyzing and Reporting Financial Statement Effects of Bond Transactions $($FSET$)$

On January $1,$ Hutton Corp. issued $$400,000$ of $15-$year, $11\%$ bonds payable for $$503,753,$ yielding an effective interest rate of $8\%.$ Interest is payable semiannually on June $30$ and December $31.$

a$.$ Show computations to confirm the issue price of $$503,753.$

Note: Round your answers to the nearest whole dollar.

b$.$ Record the bond issuance, semiannual interest payment, and premium amortization on June $30,$ and semiannual interest payment and premium amortization on December $31$ in the financial statement effects

template. Use the effective interest rate method.

$-$Note: Use negative signs with your answers, when appropriate.

$-$Note: Select $"$N$/$A$"$ as your answer if a part of the accounting equation is not affected.

Note: Carry all decimals in calculations; round the final answer to the nearest dollar.