Kelvin Company borrowed money by issuing $$2,000,000$ of $5\%$ bonds payable at $102\mathrm{.}4$ on July $1,2021.$ The bonds are five$-$year bonds and pay interest each January $1$ and July $1.$

Read the requirements.

How much cash did Kelvin receive when it issued the bonds payable? Journalize this transaction.

When it issued the bonds payable, Kelvin received

Kelvin Company borrowed money by issuing $$2,000,000$ of $5\%$ bonds payable at $102\mathrm{.}4$ on July $1,2021.$ The bonds are five$-$year bonds and pay interest each January $1$ and July $1.$

Requirements

How much cash did Kelvin receive when it issued the bonds payable? Journalize this transaction.

How much must Kelvin pay back at maturity? When is the maturity date?

How much cash interest will Kelvin pay each six months?

How much interest expense will Kelvin report each six months? Use the straight$-$line amortization method. Journalize the entries for the accrual of interest and the amortization of premium on December $31,2021,$ and payment of interest on January $1,2022.$