Extinguishment of Debt - Buchanan Company issues 10-year term bonds with a par value of $800,000, dated January 1, 2018, and bearing interest at an annual rate of 8% (Stated Rate) payable semiannually on January 1 and July 1. Market interest rate is 10%. At the time of the extinguishment, Discount had balance of $93,516. Bonds are recalled at 110 on Dec. 31, 2018. Expenses of recall are $1,000. Date Cash Paid 4% Interest Expense 5% Discount Amortized Carrying Amount of Bonds 1/1/2018 $ 700,303 7/1/2018 $32,000 $ 35,015 S 3,015 $ 703,318 12/31/2018 $32,000 $ 35,166 $ 3,166 $ 706,484 REQUIRED - Indicate the amounts of the following journal entry on December 31, 2018 Bond Payable Loss #13 #14 Discount Cash #15 #16 The following information is required to answer questions #17 - #19 The following information is required to answer questions #17 - #19 On January 1, 2017, Ellison Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are: I Present value of 1 for 8 periods at 6% .627 Present value of 1 for 8 periods at 8% .540 Present value of 1 for 16 periods at 3% .623 Present value of 1 for 16 periods at 4% .534 Present value of annuity for 8 periods at 6% 6.210 Present value of annuity for 8 periods at 8% 5.747 Present value of annuity for 16 periods at 3% 12.561 Present value of annuity for 16 periods at 4% 11.652 17. 18. The present value of the principal is $? The present value of the interest is $? The issue price of the bonds is $? 19