Company borrowed money by issuing of % bonds payable at on July 1, . The bonds are five-year bonds and pay interest each January 1 and July 1

Requirements

1.	How much cash did Kelvin receive when it issued the bonds payable? Journalize this transaction.
2.	How much must Kelvin pay back at maturity? When is the maturity date?
3.	How much cash interest will Kelvin pay each six months?
4.	How much interest expense will Kelvin report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and the amortization of premium on December 31, 2018, and payment of interest on January 1, 2019.

1. How much cash did

Kelvin

receive when it issued the bonds payable? Journalize this transaction.

Kelvin received $

when the bonds payable were issued.