Bonita $C_0.$ is building a new hockey arena at a cost of $$2,690,000.$ It received a downpayment of $$550,000$ from local businesses to

support the project, and now needs to borrow $$2,140,000$ to complete the project. It therefore decides to issue

$$2,140,000$ of $12\mathrm{.}0\%,10-$year bonds. These bonds were issued on January $1,2024,$ and pay interest annually on each January $1.$ The

bonds yield $11\%.$

Click here to view factor table.

$($a$)$

Your answer is partially correct.

Prepare the journal entry to record the issuance of the bonds on January $1,2024.($Round present value factor calculations to $5$

decimal places, e$.$g$.1\mathrm{.}25124$ and the final answer to $0$ decimal places, e$.$g$.58,971.$ If no entry is required, select $"$No Entry" for the account

titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.

List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

January

$2,266,055$

$1,2024$

Premium on Bonds Payable

$126055$

eTextbook and Media

List of Accounts

Attempts: $2$ of $2$ used

$($b$)$

Your answer is partially correct.

Prepare a bond amortization schedule up to and including January $1,2028,$ using the effective$-$interest method. $($Round present

value factor to $5$ decimal places, e$.$g$.1\mathrm{.}24356$ and final answers to $0$ decimal places, e$.$g$.38,548.)$