Campbell Inc produces and sells outdoor equipment. On July 1, 2071, Campbell issued 530,000,000 of 10-year, 10% bonds at a market (effective interest rate of 9% receiving cash of $31,951,110. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1 Journakze the entry to record the amount of cash proceeds from the Assuance of the bonds on July 1, 2013 2 Journalize the entries to record the following a. The first seranrial interest payment on December 31, 201, and the amortization or the bond premium, using the straight-kne method (Round to the nearest doftar) b. The interest payment on June 30, 2012, and the amortization of the bond premium, using the straight line masnod. (Round to the nearest dollar) 3. Determine the fofal interest expense for 2011 4. Will the band proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $31.951 110 received for the bonds by using the prosent value tables (Round to the nearest dollar) *Refer to the Chart of Accounts for exact wording of account titles 1 and 2 Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account titles. Round to the nearest dollar How does grading work? PAGE 1 JOURNAL Score: 71/75 ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Jul 1 Cash 31.951,110,00 Premium on Bonds Payable 1.951.110.00 Bonds Payable 30,000,000.00 Dec 31 Interest Expense Premium on Bonds Payable 1.437.800.00 62.200.00 Cash 1.500,000.00 JOURNAL Score: 33/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. RET DERIT CREDIT ASSETS LABILITIES EQUNTY Jun 50 140.244.50 Interest Expense Premam on Bonds Payable 97.555.50 Cash 1.500,000.00 3 Determine the total interest expense for 20Y1. Enter amount as a positive number $2,804,889 X Points 0/1 4 WW the band proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? Yes O NO Points 5. Compute the price of 531,951. 10 received for the bonds by using the present value tables Round fo the nearest dollar Present value of the face amount $ Present value of the semiannual interest payments Price received for the bonds