I'm especially concerned with the last page, dealing with ratios. Aside from the text being lopsided (since chegg cant rotate images), this was all the information I was given.

Challenge #7 ACC 211 Name CURRENT AND LONG-TERM LIABILITIES In 2015 Crosson, Inc. engaged in the following transactions related to liabilities: 1/2/15 Crosson, Inc. issued 2,100,000 5-year bonds that have a contract interest rate of 4% The terms of the bonds require Crosson, Inc. to make se mi-annual interest payments which are due on June 30th and December 31st of each year The bonds were sold at 101.75 When the bonds were issued on 1/2/2015, what was the selling price? received by Crosson nc. from the sale of the bonds? Was a discount or a premium How much was the discount premium received by Crosson, Inc. from the sale of the bonds? 3/15 Crosson, Inc. signed a long-term note and borrowed cash of 1,500,000 from New Zealand Bank. The loan has an annual interest rate of 2.5%. The terms of repayment require 6 annual payments of principal and the appropriate interest on December 31st of each year as calculated in the schedule below: Note Payable Total Annual Interest Decrease in Note Payable For the Year Expense Note Payable Balance on Dec. 31 Ending balance on Jan. Payment 265.200 2/31/2015 1,500,000 272,300 37,500 234,800 024.530 12/31/2016 1,265,200 272,300 S 31,630 240,670 777.843 12/31/2017 024,530 272,300 25,613 246,687 777.843 272,300 19,446 252,854 524.989 12/31/2018 265,814 12/31/2019 524,989 272,300 13,125 259,175 6,645 265,814 12/31/2020 265,814 272.459 2110/15 Crosson, Inc. paid 3,000,000 cash to purchase new operating equipment. 6/30i15 Crosson, Inc. made the semi-annual interest payment to its bondholders and recorded amortization. What is the dollar amount of interest that MUST be paid every six months on the bonds? What is the amount of the semiannual amortization of the premium on the bond? 12/16/15 crosson, Inc. signed a promissory note to Brand Bank in exchange for a cash loan of 48,000 2% The loan is for 45 days, and the annual interest ate to be paid is 2/31/15 Crosson, Inc, made the semi-annual interest payment to its bondholders and recorded amortization. 2/31/15 crosson, Inc. made the required annual payment on its note payable to New Zealand Bank. 12/31/15 Crosson, Inc. recorded the adjustment necessary to accrue interest on the loan from Brand Bank. nstructions 1. Using the general journal provided on the following page, prepare journal entries to record the above transactions associated with liabilities, (be sure to include correct dates and explanations, the income tax entry has been recorded). 2. Using the t-account balances provided (which include the above journal entries), complete the attached financial statements. 3. Answer questions a-e on the following page. 133