Computations and Entries (Straight Line) On January 1, 2024, Sisek Company borrowed $710,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $702,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2024. If an amount box does not require an entry, leave blank. 2024 Jan. 1 Cash Discount on Notes Payable Notes Payable 702,800 7,200 710,000 Feedback Record issuance of notes at discount Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the necessary journal entry at June 30, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. 2024 June 30 Interest Expense x Feedback Discount on Notes Payable Cash 88 Record interest expense Check My Work 2. Any premium or discount is amortized to interest expense. 3. Prepare the necessary journal entry at December 31, 2024. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. Interest Expense 34,613 X 34,613 X 2024 December 31 Discount on Notes Payable Cash Feedback Record interest expense Check My Work 3. Any premium or discount is amortized to interest expense. 4. Determine the carrying amount of this note at the end of the fifth year (December 31, 2028). Feedback