Instructions Year 1 July ssued $71,100,000 of 20-year, 12% callable bonds dated July 1, Year 1, at a market (effective) rate of 14%, receiving cash of $61,621,133 Interest is payable semiannually on December 31 and June 30 1 I the semiannual interest on the bonds. The bond discount amortization of $236,972 is combined with the semiannual interest payment Closed the interest expense account Dec 31 Paid 31 Year 2 June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $236,972 is combined with the semiannual interest payment Dec. 31 Paid the somiannual interest on the bonds. The bond discount amortization of $236,972 is combined with the semiannual interest payment 31 Closed the interest expense account Year 3 June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $8,530,979 after payment of interest and amortization of discount have been recorded Record the redemption only) Chart of Accounts CHART OF ACCOUNTS Winklevoss Inc General Ledger ASSETS REVENUE 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 26 Interest Receivable 127 Notes Receivable 131 Merchandise Inventon 410 Sales 610 Interest Revenue 611 Gain on Redemption of Bonds EXPENSES 510 Cost of Merchandise Sold redit Card Exp ense Chart of Accounts 515 Credit Card Expense 131 Merchandise Inventory 141 Office Supplies 142 Store Supplies 151 Prepaid Insurance 191 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 516 Cash Short and Over 521 Sales Salaries Expense 522 Office Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Repairs Expense 534 Selling Expenses 535 Rent Expense 536 Insurance Expense 537 Office Supplies Expense LIABILITIES Chart of Accounts 536 Insurance Expense 537 Office Supplies Expense 538 Store Supplies Expense 541 Bad Dobt Expense 561 Depreciation Expense-Store Equipment 562 Depreciation Exponse-Office Equipment 590 Miscellaneous Expense 710 Interest Expense 711 Loss on Redemption of Bonds LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 232 Interest Payable 241 Notes Payable 251 Bonds Payable 252 Discount on Bonds Payable 253 Premium on Bonds Payable EQUITY Chart of Accounts 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 Dividends 390 Income Summary Journal 1a Journalize the entries to record the Year 1 transactions Refer to the Chart of Accounts for exact wording of account titles How does grading work? JOURNAL Score: 78/100 DATE DESCRIPTION POST. REF DEBIT CREDIT Jul 1 Cash 61,621,133.00 Discount on Bonds Payable 9,478,867.00 Bonds Payable 71,100,000.00 .Dec 31 Interest Expense Discount on Bonds Payable 236,972.00 Cash 4,266,000.00 Journal b. Journalize the entries to record the Year 2 transactions. Refer to the Chart of Accounts for exact wording of account titles Question not attempted. JOURNAL Score: 0/100 DATE DESCRIPTION POST. REF DEBIT CREDIT Journal 1c. Journalize the entries to record the Year 3 transactions. Rofer to the Chart of Accounts for exact wording of account titles Question not attempted. JOURNAL Score: 0/49 DATE DESCRIPTION POST. REF. DEBIT CREDIT