Bond Premium, Entries for Bonds Payable Transactions

Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation issued $36,300,000 of 10-year, 14% bonds at a market (effective) interest rate of 13%, receiving cash of

$38,299,974. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.

Required:

For all journal entries, It an amount box does not require an entry, leave it blank

1. Journate the untry to record the amount of the other of the bordin Suly 1. Year 1 2. Journal the tries to record the following The first semanal terest payment of December 31, Year 1, and the artistin of the bold premium in the right in method. Round to the nearest dollar 1. The interest on June 30, year and the ration of the tondeum, the water met Hound to the nearest dollar 3. Determine the total interestepens for Year 1. Hound to the nearest dollar 4. Will the bond proceeds always be greater than me face amount of the bonds win the commarter than the market ane te S. Comote the price of 53,292,914 ved for the bends by using Presenta compound, and then und to the nearest dollar. Your owym the price given due to roonding differences recent value of the earunt Present of the semiannual internet payments Price receives for the bonds