E10-14 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Premium (without Premium Account) LO10-5 Park Corporation is planning to issue bonds with a face value of $2.002,000 and a coupon rate of 10 percent. The bonds mature in 5 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-Interest amortization method and does not use a premium account. Assume an annual market rate of interest of 8.5 percent (FV of $1. PV of $1. FVA of $1, and PVA of $1 (Use the appropriate factor(s) from the tables provided. Round your final answers to whole dollars.) Required: 1.&2. Prepare the journal entry to record the issuance of the bonds and the interest payment on June 30 of this year 3. What bonds payable amount will Park report on its June 30 balance sheet? Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Report Prepare the journal entry to record the issuance of the bonds and the interest payment on June 30 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit No Data General Journal 2,122,289 1 January 01 Cash Bonds payable Ols 2,122,289 2 2 June 30 >O 90,197 9,903 Interest expense Bonds payable Cash 100,100 Reg1 and 2 Req3 > 6 E10-14 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issu (without Premium Account) LO10-5 5 points Park Corporation is planning to issue bonds with a face value of $2,002,000 and a coupon rate mature in 5 years and pay interest semiannually every June 30 and December 31. All of the bor this year. Park uses the effective interest amortization method and does not use a premium acc rate of interest of 8.5 percent. (FV of $1. PV of $1. FVA of $1. and PVA of $1 (Use the appropriat provided. Round your final answers to whole dollars.) Required: 1.82. Prepare the journal entry to record the issuance of the bonds and the interest payment or 3. What bonds payable amount will Park report on its June 30 balance sheet? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 What bonds payable amount will Park report on its June 30 balance sheet? PARK CORPORATION Balance Sheet (Partial) At June 30 IS Long-term liabilities Bonds payablo Premium on bonds payable 2,002,000 110,386 S $ 2,112,386