Chapter 10 Homework Help Save 8 Southwest Corporation issued bonds with the following details: 714 points Face value: $1,100,000 Interest: 11.0 pereent per year payable each December 31 Terms: Bonds dated Janaary 1, 2018, due five years from that date eBook Priet References The annual accounting period ends December 31. The bonds were issued at 102 on January 1, 2018, when the market interest rate was 10.0 percent. Assume the company uses effective-interest amortization and adjusts for any rounding errors when recording Interest expense in the final year. Required: 1. Compute the cash received from Jhe bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face value. 2.& 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2018 and 2019 4-a. How much interest expense would be reported on the income statements for 2018 and 2019? 4-b. Compute the bond value should be reported on the balance sheets at December 31, 2018 and 2019. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4A Req 4B Compute the cash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face value. Req 2 and 3> Prey 8 of 14 Next> Chapter 10 Homework Saved 8 Req 1 Req 2 and 3 Req 4A Req 4B 714 points Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2018 and 2019. (If no is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) View transaction list eBook Print References Journal entry worksheet Record the issuance of bonds with a face value of $1,100,000 at 102. Note: Enter debits before credits Date January 01 2018 View general journal Clear entry Record entry Apps D New Tab D IDEA Clockin Out Doll-Unemp UTRov Chapter 10 Homework 8 Req 1Req 2 and 3 Req 4AReq 48 714 points Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2018 and 2019. (If no entr is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whele dollar.) eBook Print References View transaction list Journal entry worksheet Record the interest payment on December 31, 2018. Note: Enter debits before credits General Journal December 31 2018 Clear entry View general journal Record entry New Tab DIDEA Clock InOut UTRGV DOH-Unemp Chapter 10 Homework Seved He 8 Terms: Bonds aatea Januaryi,zois, due tive years trom that aate The annual accounting period ends December 31. The bonds were issued at 102 on January 1, 2018, when the market interest rate was 10.0 percent. Assume the company uses effective-interest amortization and adjusts for any rounding errors when recording interest expense in the final year 714 points Required: 1. Compute the cash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face eBook Print References value. 2.& 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2018 and 2019. 4-a. How much interest expense would be reported on the income statements for 2018 and 20197 4-b. Compute the bond value should be reported on the balance sheets at December 31, 2018 and 2019 Complete this question by entering your answers in the tabs below. Req 1 Req 2 and3 Req 4A Req 4B How much interest expense would be reported on the income statements for 2018 and 2019? (Round your answers to the nearest whole dollar.) 2019 Interest Expense Req 2 and 3 Req 4B> Prev 80, 14 Next>