Analyzing and Reporting Financial Statement Effects of Bond Transactions

On January 1 of the current year, Trueman Corporation issued $400,000 of 20-year, 11% bonds for $369,908, yielding a market (yield) rate of 12%. Interest is payable semiannually on June 30 and December 31.

(a) Confirm the bond issue price.

Round your answers to the nearest whole number.

Present value of principal $ 38889

Present value of interest payments $331019

Selling price of bonds$ 369,908

(b) Indicate the financial statement effects using the template for (1) bond issuance, (2) semiannual interest payment and discount amortization on June 30, and (3) semiannual interest payment and discount amortization on December 31 of the current year.

Round answers to nearest whole number. Use negative signs with answers, when appropriate.

Balance Sheet

Transaction Cash Asset+ Noncash Assets =Liabilities+Contributed Capital +Earned Capital

(1) 369908 0 369908 0 0

(2) (22000) 0 -------- 0 -----

(3) (22000) 0 ----------- 0 ------

Income Statement

Revenue - Expenses =Net Income

0 0 ---------

0 ------ -----------

0 ------- ---------

Can you please work this problem step by step? I included the answers I got so far, and question b those with the ----- I am uncertain how to work arrive at those missing answers, Thank you