Entries for Bonds Payable and installment Note Transactions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year Year 1 July 1. Iewed 97.330,000 of five-year, 8% calable bonds dated July 1, Ye 1, at a matkut (effective rate of receiping cashop $7,040,000. Interest is payable semiannually on December 31 and one 30. oct. 1. Borrowed $360,000 by sung a 10-year, 6% installment note to Micke Bank. The noto require annual payments of $48,913, with the first payment occurring on September 30, Year 2 Dec. 31. Acerved 35,400 of Interest on the installment note. The interest is payable on the date of the next installment note payment. 31. Paid the semiannual interest on the bonds. The band discount amortization or $79,000 is combined with the semanual interest payment Year 2 June 30. Pald the serious interest on the bonds. The bond discount amortization of 929,000 a combined weh the semiannual interest payment Sept 30 paid the antal payment on the which consisted of interest of $21,600 and principal of $27,312 Dec 31. Accrued $4.990 or interest on the installment note. The interests payable on the date of the next installment note payment 31. Poid the cornual interest on the bends. The band discount amortizatory of $20,000 combined with the manual interest payment Year) June 20. Recorded the redemption of the bonds, which were called at 95. The balance in the bondscount count 1174,000 after payment of interest and amortization of discount have been recorded. Record the redemption only Supt. 20. Palo the seconda payment on the note, wie unisted of interest of 10.1 and principal of $20,951. Check My Workmore Creek My Work has remai Chapter Sept. 30. Paid the annual payment on the note, which consisted of interest of $21,600 and principal of $27,312 Dec. 31. Accrued $4.990 of interest on the installment note. The interest is payable on the date of the next installment note payment. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $29,000 is combined with the semiannual interest payment Year 3 June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $174,000 after payment of Interest and amortization of discount have been recorded. Record the redemption only Sept. 30. Pald the second annual payment on the note, which consisted of interest of $19,961 and principal of $28,951. Required: Round all amounts to the nearest dollar. 1. Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank Date Account Debit Credit Year 1 July 1 Oct. 1 Dec. 31-Note Check My Work 1 more Check My Work uses remaining Assianment Score: 50% MEDS stock Br Show Me How Chapter 14 HW Assignments Puly 1 Oct. 1 Dec. 11. Note Dec. 31-Bond Year 2 June 30 Sept. 30 Check My Work 1 more Check My Work uses remaining Save and Assignment Score: 50% MacBook Pro esc G Search or type URL a 2 % & 7 2 3 4 5 6 8 9 0 W E R . 0 Chapter 14 HW Assignments eBook Show Me How Dec 31 Mote Dec. 31.Bond Year III III June 30 II Seot 30 Check My Work more Check My Wok semaining Assignment Scorer 50% Save MacBook Pro esc Q G Search or type URL % 5 & 7 C 9 N 3 4 6 8 Chapter 14 HW Assignments eBook Show Me How Dec. 31-Bond Year 3 June 30 III IIII Sept. 30 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2. a. Year 1 b. Year 2 3. Determine the carrying amount of the bonds as of December 31, Year 2 Check My Work 1 more Check My Work uses remaining Assignment Score: 50% MacBook Pro esc G Search or type URL