Bonds Payable 2045 Jomal Entries Final Questions Spring Corporation You are an accounting intern working for Spring Corporation You have recently been assigned to help one of the accountants who is doing an inhemat do the buses You will be assisting with a review of the payables sued by Spring Corporation. Your tirst task in to review the previous year's journal entries shown as Below 1 Journal Entries, 2014 PAGE 1 JOURNAL ACCOUNTING EQUATION DET CRENT POST. HEF AWTS LATES EXT 1,062,000.00 DATE DESCOPTION Jan 1 Cash Premium on Bonds Payable Bonds Payable Jun 50 interest Expense Premium on Bonds Payable 6206000 1.000.000.00 19.39700 3.105.00 3250000 Conti 1,971.280.00 Jutto Che My Work Seuloft Corporation Juli Cash 1 1,921,780.00 78,720.00 7.000.000.001 Oct 1 10 1,100,000.00 Discount on Bonds Payable fonds Payable Cash Notes Payable Interest Expense Premium on Blonds Payable 1,100,000.00 11 12 Dec 31 19,797.00 3.105.00 11 22.500.00 14 Cash 16,500.00 51 Interest Expense 16,500.00 10 Interest Payable 41,560.00 17 31 Interest Expense Discount on Bonds Payable 6560.00 11 55.000.00 11 Cash 95,854.00 20 51 Income Summary 96.854.00 Interest Expense SpringFit Corporation Bonds Payable Review the journal entries on the Spring Corporation panel, then answer the following questions 1. Assuming mat no bonds had been issued prior to 20Y4, how many different bonds appear in the journal entries for this year? 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date July 17 3. How much interest was paid during the year on the bonds in question 0212 5 4. What is the carrying amount of the bonds in question (2) at the end of the year?'s 5. Which entry shows bonds that sold for more than their face amount? Choose the date Jan 1 6. How much interest was paid during the year on the bonds in question (5)? 545.000 7. Assuming that straight-line amortization is used for the bonds in (5), what is the bond life? 10 years 8. What is the carrying value of the bonds in question (5) at the end of the year? S 9. Considering only the 20Y4 journal entries, how much interest was probably accrued on the note payable issued during the year? Points 5/9