Delhi Corporation issues bonds with a face value of $50 million and an annual interest rate of 4.5%, paid semi-annually on June 30 and December 31, and will reach maturity on December 31, 2030. On January 1, 2020, the bonds were issued at 96.1 to yield 5%.

Required:

1. Calculate the proceeds on issuance of the bonds. Round your calculation to the nearest ten thousand.

2. Complete the bond amortization table from Jan 1, 2020 to Dec 31, 2020.

	Interest Payment (50MX4.5%/2)	Interest Expense (Carrying valueX5%/2)	Discount Amortization (difference between Interest expense and Interest payment)	Discount Balance (Previous b/l minus amortization)	Bonds Carrying Amount (Previous b/l plus Amortization)
Jan 1, 2020	---------	----------	---------
June 30, 2020
Dec 31, 2020

3. Record the issuance of bonds on Jan 1, 2020.

Date	Accounts	Debit	Credit
January 1, 2020

4. Show the journal entry the interest payment and expense on Jun 30, 2020.

Date	Accounts	Debit	Credit
June 30, 2020

5. What is the amount of Bond Payable reported on the Balance Sheet on Dec 31, 2020?

Bonds payable
Less: discount on bonds payable
Bonds carrying amount