I just need help with questions 4 and 8 in Bonds Payable and question 1 and 2 in Final Question

Bonds Payable SpringFit Corporation Final Questions 20Y5 Journal Entries SpringFit Corporation Bonds Payable Shaded cells have fee You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the busine You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year's journal entries, shown as follows: Review the journal entries on the SpringFit Corporation panel, then answer the following questions. Journal Entries, 20Y4 1. Assuming that no bonds had been issued prior to 20Y4, how many different bonds appear in the journal entries for this year? 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date. July 1 v $31,500 3. How much interest was paid during the year on the bonds in question (2)? PAGE 15 4. What is the carrying amount of the bonds in question (2) at the end of the year? $1,800,000 X ACCOUNTING EQUATION JOURNAL 5. Which entry shows bonds that sold for more than their face amount? Choose the date. Jan. 1 V 6. How much interest was paid during the year on the bonds in question (5)? $42,570 DESCRIPTION POST, REF. ASSETS LIABILITIES DATE DEBIT CREDIT EQUITY 7. Assuming that straight-line amortization is used for the bonds in (5), what is the bond life? 1,004,720.00 10 years Jan. 1 Cash 8. What is the carrying value of the bonds in question (5) at the end of the year? $ Premium on Bonds Payable 58,720.00 9. Considering only the 20Y4 journal entries, how much interest was probably accrued on the note payable issued during the year? $2 Bonds Payable 946,000.00 K Points: Jun. 30 Interest Expense 18,349.00 Premium on Bonds Payable 2,936.00 Final Questions Shaded cells have feedback.X 21,285.00 Cash 1,729,164.00 Jul 1 Cash Considering the journal entries for both years, answer the following questions. Discount on Bonds Payable 70,836.00 1. What is the yearly payment amount required for the note payable? (Assume it is an installment note.) S Bonds Payable 1,800,000.00 2. What is the interest rate on the note payable? 1,500,000.00 Oct 1 Cash 10 3. Were the bonds in the entry on Dec. 31 of 20Y5 redeemed at maturity? No Notes Payable 1,500,000,00 11 4. You suspect there is an error in one of the bond redemption entries. Assuming that the amounts are correct, which entry is questionable? Both entries are correct. Dec. 31 There is no error. Interest Expense 18,349.00 12 Why? 5. Why do some bonds sell below face value? None of these answers is correct. Premium on Bonds Payable 2,936.00 13 K Points: 4/6 21,285.00 Cash 14 Interest Expense 22,500.00 31 15 6. Which of the following items are amortized? Check all that apply. Interest Payable 22,500.00 16 31 Interest Expense 37,403.00 17 V O Discounts Discount on Bonds Payable 5,903.00 18 O Future cash receipts 31,500.00 Cash 19 Income Summary 96,601.00 31 20 Interest Expense 96,601.00 21 Bonds Payable SpringFit Corporation Final Questions 20Y5 Journal Entries SpringFit Corporation Bonds Payable Shaded cells have fee You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the busine You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year's journal entries, shown as follows: Review the journal entries on the SpringFit Corporation panel, then answer the following questions. Journal Entries, 20Y4 1. Assuming that no bonds had been issued prior to 20Y4, how many different bonds appear in the journal entries for this year? 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date. July 1 v $31,500 3. How much interest was paid during the year on the bonds in question (2)? PAGE 15 4. What is the carrying amount of the bonds in question (2) at the end of the year? $1,800,000 X ACCOUNTING EQUATION JOURNAL 5. Which entry shows bonds that sold for more than their face amount? Choose the date. Jan. 1 V 6. How much interest was paid during the year on the bonds in question (5)? $42,570 DESCRIPTION POST, REF. ASSETS LIABILITIES DATE DEBIT CREDIT EQUITY 7. Assuming that straight-line amortization is used for the bonds in (5), what is the bond life? 1,004,720.00 10 years Jan. 1 Cash 8. What is the carrying value of the bonds in question (5) at the end of the year? $ Premium on Bonds Payable 58,720.00 9. Considering only the 20Y4 journal entries, how much interest was probably accrued on the note payable issued during the year? $2 Bonds Payable 946,000.00 K Points: Jun. 30 Interest Expense 18,349.00 Premium on Bonds Payable 2,936.00 Final Questions Shaded cells have feedback.X 21,285.00 Cash 1,729,164.00 Jul 1 Cash Considering the journal entries for both years, answer the following questions. Discount on Bonds Payable 70,836.00 1. What is the yearly payment amount required for the note payable? (Assume it is an installment note.) S Bonds Payable 1,800,000.00 2. What is the interest rate on the note payable? 1,500,000.00 Oct 1 Cash 10 3. Were the bonds in the entry on Dec. 31 of 20Y5 redeemed at maturity? No Notes Payable 1,500,000,00 11 4. You suspect there is an error in one of the bond redemption entries. Assuming that the amounts are correct, which entry is questionable? Both entries are correct. Dec. 31 There is no error. Interest Expense 18,349.00 12 Why? 5. Why do some bonds sell below face value? None of these answers is correct. Premium on Bonds Payable 2,936.00 13 K Points: 4/6 21,285.00 Cash 14 Interest Expense 22,500.00 31 15 6. Which of the following items are amortized? Check all that apply. Interest Payable 22,500.00 16 31 Interest Expense 37,403.00 17 V O Discounts Discount on Bonds Payable 5,903.00 18 O Future cash receipts 31,500.00 Cash 19 Income Summary 96,601.00 31 20 Interest Expense 96,601.00 21