Corporation issued $900,000 of 12%, 10-year bonds payable on January 1, 2022. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually (on June 30 and December 31). Jackson Corporation's year-end is June 30.Read the requirements

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Part 1

1. Using the PV function in Excel, calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.)

The issue price of the bonds is

Part 2

2. Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dollar.

				Premium	Bond
Semiannual	Interest	Interest	Premium	Account	Carrying
Interest Date	Payment	Expense	Amortization	Balance	Amount
Jan 1, 2022

Part 3

Jun 30, 2022

Part 4

Dec 31, 2022

Part 5

Jun 30, 2023

Part 6

3. Record

Jackson

Corporation's issuance of the bonds on January 1,

2022,

and payment of the first semiannual interest amount and amortization of the bond premium on June 30,

2022.

Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)Start by recording the issuance of bonds on January 1,

2022.

Journal Entry
Date		Accounts	Debit	Credit
Jan	1	Cash
		Bonds Payable
		Premium on Bonds Payable

Part 7

Record the payment of the first semiannual interest amount and amortization of the bond premium on June 30,

2022.

Journal Entry
Date		Accounts	Debit	Credit
Jun	30	Interest Expense
		Premium on Bonds Payable
		Cash