Bruce's Hamburgers issued $7\%,10-$year bonds payable at $75$ on December $31,2024.$ At December $31,2026,$ Bruce reported the bonds payable as follows:

$($Click the icon to view the bonds payable.$)$

Requirement $1.$ Answer the following questions about Bruce's bonds payable:

a$.$ What is the maturity value of the bonds? $$

b$.$ What is the carrying amount of the bonds at December $31,2026?$

c$.$ What is the semiannual cash interest payment on the bonds? $$

d$.$ How much interest expense should the company record each year?

Requirement $2.$ Record the June $30,2026,$ semiannual interest payment and amortization of discour

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[2026,,,],[$Jun$.30,,,],[,,,],[,,,]]$

B$$ruce$\text{'}$s pays semiannual interest each June $30$ and December $31.($Assume bonds payable are amortized using the straight$-$line amortization method.$)$

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Requirements

Answer the following questions about Bruce's bonds payable:

a$.$ What is the maturity value of the bonds?

b$.$ What is the carrying amount of the bonds at December $31,2936?$

c$.$ What is the semiannual cash interest payment on the bonds?

d$.$ How much interest expense should the company record each year?

Record the June $30,2026,$ semiannual interest payment and amortization of discount.

Data table

$\backslash$table$[[$Long$-$term Liabilities:,,$],[$Bonds Payable,,$600,000],[$Less: Discount on Bonds Payable,,$(120,000)$$$$480,000$