Entries for Issuing and Calling Bonds; Gain Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $1,646,000 of 20-year, 14% callable bonds on May 1, 20Y1, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 20Y1 May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. 20Y5 Nov. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) Issued the bonds for cash at their face amount. 20Y1, May 1 Paid the interest on the bonds. 20Y1, Nov. 1 Called the bond issue at 98, the rate provided in the bond indenture. (Omit entry for payment of interest.) For a compound transaction, if an amount box does not require an entry, leave it blank. 20Y5, Nov. 1 Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $32,000 by giving a five-year, 11% installment note to Soros Bank. The note requires annual payments of $8,783, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,520 and principal repayment of $5,263. Journalize the entries to record the following: al. Issued the installment note for cash on the first day of the fiscal year. a2. Paid the first annual payment on the note. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Explain how the notes payable would be reported on the balance sheet at the end of the first year. is reported as a Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due within The remaining portion of the note payable that is not due within one year is reported as a(n)