Intermediated Accounting II Week 4...(Excerice 14-9 Part Level) (QC)

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Can you help me with the attached problem (QC)?

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Exercise 14-9 (Part Level Submission) On June 30, 2017, Coronado Company issued $4,900,000 face value of 13%, 20-year bonds at $5,268,625, a yield of 12%. Coronado uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. Don't show me this message again for the assignment (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) (2) (3) (4) No . The The The The issuance of the bonds on June 30, 2017. payment of interest and the amortization of the premium on December 31, 2017. payment of interest and the amortization of the premium on June 30, 2018. payment of interest and the amortization of the premium on December 31, 2018. Date (1) June 30, 2017 Account Titles and Explanation Cash Debit 5268625 Premium on Bo 368625 Bonds Payable (2) December 31, 2017 Interest Expen Premium on Bo cash (3) June 30, 2018 Interest Expen Credit 4900000 316118 2382 318500 315975 Premium on Bo 2525 Cash (4) December 31, 2018 318500 Interest Expen 315823 Premium on Bo 2677 Cash 318500 Don't show me this message again for the assignment Show List of Accounts Show Solution Show Answer Link to Text Attempts: 2 of 3 used (b) Your answer is correct. Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2018, balance sheet. (Round answers to 0 decimal places, e.g. 38,548.) Coronado Company Balance Sheet EAT_1414587029 December 31, 2018 EAT_1362998146 Long-term Liabilities $ Bonds Payable 4900000 Premium on Bo 361041 $ EAT_1391583890 Book Value of Bonds Payable 5261041 Don't show me this message again for the assignment Show List of Accounts Show Solution Show Answer Link to Text Attempts: 1 of 3 used (c) Provide the answers to the following questions. (1) What amount of interest expense is reported for 2018? (Round answer to 0 decimal places, e.g. 38,548.) $ Interest expense reported for 2018 (2) Will the bond interest expense reported in 2018 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2018 will be greater than the amount that would be reported if the straight-line method of amortization were used. (3) Determine the total cost of borrowing over the life of the bond. (Round answer to 0 decimal places, e.g. 38,548.) $ Total cost of borrowing over the life of the bond (4) Will the total bond interest expense for the life of the bond be greater than, the same as, or less than the total interest expense if the straight-line method of amortization were used? The total bond interest expense for the life of the bond will be the same as the total interest expense if the straight-line method of amortization were used. Don't show me this message again for the assignment Show List of Accounts