Hillside issues $1,400,000 of 5%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31 Problem 14-1A (Algo) Straight-Line: Amortization of bond discount LO P2 The bonds are issued at a price of $1,209757 Required: 1. Prepare the January 1 journal entry to record the bonds issuance 2(a) For each semiannual period, complete the table below to calculate the cash payment. 21b) For each semiannual period, complete the table below to calculate the straight line discount amortization 2 For each semiannual period, complete the table below to calculate the bond interest expense 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life 4. Prepare the first two years of a straight-line amortization table 5. Prepare the journal entries to record the first two interest payments Journal entry worksheet > Record the issue of bonds with a par value of $1,400,000 on January 1, 2021 at an issue price of $1,209,757. K Note: Enter debits before credits ces Date General Journal Dobit Credit January 01 Reg 1 Reg 2A to 20 Reg 3 Reg 4 Reg 5 For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. (R nearest whole dollar.) Semiannual cash Par (maturity) value Annual Rate interest payment 2(a) Year Par (maturity) value Bonds price Discount on Bonds Payable Straight line discount amortization Semiannual periods 2(b) Semiannual cash payment Discount amortization Bond interest expense 2(c) ! toyuired information Req 1 Reg 2A to 20 Reg 3 Reg 4 Reg 5 Complete the below table to calculate the total bond interest expense to be recognized over Total bond interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense 0 es $ 0 wired information Req 1 Req 2A to 20 Reg 3 Reg 4 Reg 5 Prepare the first two years of a straight-line amortization table. (Round your intermediate and f whole dollar.) Carrying Value Semiannual Period. Unamortized End Discount 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 Jor al entry worksheet 1 2 Record the first interest payment on Dune 30. Note: Enter debits before credits. Date General Journal Debit Credit June 30