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I need requirements 1 & 2 and then Requirements 1-3 on the second one. S12-6 (similar to) Poliver Company issued a $700,000. 496. 10-year bond

image text in transcribedimage text in transcribedI need requirements 1 & 2 and then Requirements 1-3 on the second one.

S12-6 (similar to) Poliver Company issued a $700,000. 496. 10-year bond payable at face value on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2018. 2. Journalize the payment of semiannual interest on July 1, 2018. Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Accounts and Explanation Date Debit Credit 2018 Jan. 1 Savvy Drive-Ins borrowed money by issuing $2,000,000 of 7% bonds payable at 98.5. Interest is paid semiannually. Requirements 1. How much cash did Savvy receive when it issued the bonds payable? 2. How much must Savvy pay back at maturity? 3. How much cash interest will Sawy pay each six months? Requirement 1. How much cash did Savvy receive when it issued the bonds payable? Savvy received $ when the bonds payable were issued

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