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Entries for bonds payable and installment note transactions - Chart of Accounts lnstructions Year 1 July Oct Dec. Year 2 June Sept The foIIoWing transac 30 30 ions were completed by Winklevoss |nc., Whose fiscal year is the calendar year Issued $71,900,000 of 20-year. 6% callable bonds dated July 1,Year 1, at a market (effective) rate of 7%, recEiving cash of$6422269 Interest is payable semiannually on December 31 and June 30 Borrowed $420,000 by issuing a six-year. 5% installment note to Nicks Bank The note reqUires annual payments of$02,?4?. With the first payment occurring on September 30, Year 2. Accrued $5,250 of interest on the installment note The interest is payable on the date of the next installment note payment. Paid the semiannual interest on the bonds. The bond discount amortization of$191,933 is combined With the semiannual interest payment Paid the semiannual interest on the bonds. The bond discount amortization of$191,933 is combined With the semiannual interest payment. Paid the annual payment on the note, Which consisted of interest of$21,000 and principal of$61,747 Dec. 31 Accrued $4,478 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 $191,933 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 $6,909,599 after payment of interest and amortization of discount have been recorded. Record the redemption only. Sept. 30 Paid the second annual payment on the note, which consisted of interest of $17,913 and principal of $64,834. Required: 1. Journalize the entries to record the foregoing transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. ONOW journals will automatically indent a credit entry when a credit amount is entered. Round all amounts to the nearest dollar.2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2. 3. Determine the carrying amount of the bonds as of December 31, Year 2.Chart of Accounts CHART OF ACCOUNTS Winklevoss Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable 611 Gain on Redemption of Bonds 122 Allowance for Doubtful Accounts 126 Interest Receivable EXPENSES 127 Notes Receivable 510 Cost of Merchandise Sold 131 Merchandise Inventory 515 Credit Card Expense 141 Office Supplies 516 Cash Short and Over 142 Store Supplies 521 Sales Salaries Expense151 Prepaid Insurance 522 Office Salaries Expense 191 Land 531 Advertising Expense 192 Store Equipment 532 Delivery Expense 193 Accumulated Depreciation-Store Equipment 533 Repairs Expense 194 Office Equipment 534 Selling Expenses 195 Accumulated Depreciation-Office Equipment 535 Rent Expense 536 Insurance Expense LIABILITIES 537 Office Supplies Expense 210 Accounts Payable 538 Store Supplies Expense 221 Salaries Payable 541 Bad Debt Expense 231 Sales Tax Payable 561 Depreciation Expense-Store Equipment 232 Interest Payable 562 Depreciation Expense-Office Equipment 241 Notes Payable 590 Miscellaneous Expense 251 Bonds Payable 710 Interest Expense252 Discount on Bonds Payable 711 Loss on Redemption of Bonds 253 Premium on Bonds Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock DividendsJournal 1. Journalize the entries to record the foregoing transactions. Refer to the chart of accounts for the exact wording of the account titles. ONOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. ONOW journals will automatically indent a credit entry when a credit amount is entered. Round all amounts to the nearest dollar. Year 1 PAGE 10 JOURNAL ACCOUNTING FOUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Jul. 1 Cash 71,900,000,00 T Discount on Bonds Payable 7,677,331.00 + Bonds Payable 79,577,331.00 Oct. 1 Cash 420,000.00 5 Notes Payable 420,000.00\fYear 2 PAGE 10 JOURNAL DATE ACCOUNTING FOUATION DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3\fYear 3 PAGE 10 JOURNAL DATE DESCRIPTION ACCOUNTING FOLATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 3 5 6 7 8Final Questions 2. Indicate the amount of the interest expense in (a) Year 7 and (b) Year 2. a. Year 1: b. Year 2: 3. Determine the carrying amount of the bonds as of December 31, Year 2