Hillside Issues $2,600,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31 The bonds are issued at a price of $3,182,390. Required: 1. Prepare the January 1 journal entry to record the bonds Issuance. 2(0) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization 2(c) 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 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A to 2C Reg 3 Reg 4 Reg 5 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list View journal entry worksheet No Date January 01 Credit 1 General Journal Cash Discount on bonds payable Bonds payable Debit 1.901.046 298,954 2.200.000 Roq 2A to ac > Reg 1 Reg 2 to 20 Reg3 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. (Round "Unamortized Premium" to whole dollar and use the rounded value for part 4 & 5.) Show less 2(a) Par (maturity value Annual Rate Year Semiannual cash Interest payment 2) Bond price Par maturity value) Premium on Bonds Payable Semiannual periods Straight-line premium amortization Demiannual cash payment Premium amortisation Bond Interest expense Reg 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 ov Total bond interest expense over life of bonds: Amount repaid 1 payments of $ 1.950.000 $ 1,950,000 Par value at maturity 2,600,000 Total repaid 4,550,000 Less amount borrowed 3,182,390 Total bond interest expense $ 1,367.610 Reg 1 Reg 2A to 20 Reg 3 Reg 4 Reg 5 Prepare the first two years of a straight-line amortization table. (Round your final answe amount.) Semiannual Period- Unamortized Carrying End Premium Value 01/01/2019 S 298,954 $ 1.901.046 06/30/2019 288,989 1.911,011 12/31/2019 279,024 1,920.976 06/30/2020 269,059 1,930,941 12/31/2020 250,094 1.940.906 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A to 20 Reg 3 Req 4 Reg 5 Prepare the journal entries to record the first two interest payments (Round your final answers to the nearest whole dollar amount.) View transaction lit View journal entry worksheet No Date June 30 Credit 1 General Journal Bond interest expense Cash Debit 3.182.300 3,182.390
