Bond Premium and Discount Markway Inc. is contemplating selling bonds. The issue is to be composed of 750 bonds, each with a face amount of $1,200. 1. Calculate how much Markway is able to borrow if each bond is sold at a premium of $30. $ 922500 2. Calculate how much Markway is able to borrow if each bond is sold at a discount of $10. 892500 3. Calculate how much Markway is able to borrow if each bond is sold at 92 percent of par. 828000 4. Calculate how much Markway is able to borrow if each bond is sold at 103 percent of par. 927000 5. Assume that the bonds are sold for $1,177 each. Prepare the entry to recognize the sale of the 750 bonds. If an amount box does not require an entry, leave it blank. 882750 Cash Discount on Bonds Payable 75000 Bonds Payable 75000 Record issuance of bonds at discount Hide Feedback Partially Correct Check My Work Feedback The difference between the selling price and issue price is either a discount or premium. Record cash received and debt of bonds payable. Difference goes to discount on bonds payable. Hide 6. Assume that the bonds are sold for $1,231 each. Prepare the entry to recognize the sale of the 750 bonds. If an amount box does not require an entry, leave it blank. Cash 923250 Bonds Payable 75000 Premium on Bonds Payable 75000 Record issuance of bonds at premium