i Requirements - 1. Fill in the blanks to complete these statements: a. Stonehedge Inns' bonds are priced at (express the price as a percentage). b. When Stonehedge Inns issued its bonds, the market interest rate was (higher than, lower than, or equal to) 6 percent. c. The amount of bond discount or premium is 2. Record the following transactions: a. Issuance of the bonds payable on March 1, 2018 b. Payment of interest (and amortization of discount or premium, if any) on August 31, 2018 c. Accrual of interest (and amortization of discount or premium, if any) on December 31, 2018; explanations are not required 3. At what amount will Stonehedge Inns report the bonds on its balance sheet at December 31, 2018? On March 1, 2018, Stonehedge Inns issued $450,000 of 15-year, 6 percent bonds payable. The bonds were sold for $432,000. The bonds pay interest each August 31 and February 28, and any discount or premium is amortized using straight-line amortization. Read the requirements. Requirement 1. Fill in the blanks to complete each statement. a. Stonehedge Inns' bonds are priced at (express the price as a percentage) %. b. When Stonehedge Inns issued its bonds, the market interest rate was percent. C. The amount of bond discount or premium is $ . Requirement 2. Record each transaction. (Do not round any intermediary computations, but then round all amounts you enter into the journal entry tables to the nearest whole dollar. Record debits first, then credits. Exclude explanations from any journal entries.) a. Issuance of the bonds payable on March 1, 2018 Journal Entry Date Accounts Debit Credit Mar 1 On March 1, 2018, Stonehedge Inns issued $450,000 of 15-year, 6 percent bonds payable. The bonds were sold for $432,000. The bonds pay interest each August 31 and February 28, and any discount or premium is amortized using straight-line amortization. Read the requirements. b. Payment of interest (and amortization of discount or premium, if any) on August 31, 2018. Journal Entry Date Accounts Debit Credit Aug 31 c. Accrual of interest (and amortization of discount or premium, if any) on December 31, 2018 Journal Entry Date Accounts Debit Credit Dec 31 c. Accrual of interest (and amortization of discount or premium, if any) on December 31, 2018 Journal Entry Accounts Date Debit Credit Dec 31 Requirement 3. At what amount will Stonehedge Inns report the bonds on its balance sheet at December 31, 2018? C. On its balance sheet at December 31, 2018, the company will report the bonds at of $ D . Choose from any list or enter any number in the input fields and then continue to the next