Current Attempt in Progress On January 1, 2021, Crane Satellites issued $1,060,000, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Crane has a December 31 year end. A partial bond amortization schedule is presented below: Interest Payment Interest Expense Amortization Semi-Annual Interest Period Jan. 1, 2021 July 1, 2021 Jan. 1, 2022 July 1, 2022 Jan. 1, 2023 July 1, 2023 Jan. 1, 2024 $ [1] 31,800 31,800 31,800 31,800 31,800 $ [2] 34,557 34,653 34,753 34,857 34,964 $2,664 2,757 [3] [4] 3,057 3,164 Bond Amortized Cost $984,674 987,338 990,095 992.948 [5] 998,958 1,002,122 Were the bonds issued at a premium or a discount? Discount e Textbook and Media List of Accounts What is the face value of the bonds? Face value of the bonds $ 1060000 List of Accounts What is the contractual rate of interest? Contractual rate of interest 6 % e Textbook and Media List of Accounts Fill in the missing amounts for items [1] through [5]. Interest Payment Interest Expense Amortization Bon Semi- Annual Interest Period Jan. 1, 2021 July 1, 2021 $ [1] 31800 $[2] 34464 $2,664 Jan. 1, 2022 31,800 34,557 2,757 July 1, 2022 31,800 34,653 [3] 2853 31,800 34,753 [4] 2953 [5] Jan. 1, 2023 July 1, 2023 31,800 34,857 3,057 What was the market interest rate when the bonds were issued? (Round answer to O decimal places, e.g. 52%.) Market interest rate % e Textbook and Media List of Accounts Record the issue of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Jan. 1, 2021 (To record issuance of bonds.) e Textbook and Media List of Accounts Record the interest payment on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1, 2021 (To record interest payment.) e Textbook and Media List of Accounts Record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2021 (To accrue interest expense.) What amounts would be reported as current and non-current in the liabilities section of Crane's December 31, 2021, balance sheet? CRANE SATELLITES Balance Sheet (Partial) $ $
