Kelvin Company borrowed money by issuing $2,000,000 of 6% bonds payable at 101.9 on July 1, 2018. The bonds are five-year bonds and pay interest each January 1 and July 1. Read the requirements. 1. How much cash did Kelvin receive when it issued the bonds payable? Journalize this transaction. Kelvin received $ when the bonds payable were issued. Journalize the issuance of the bonds payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Jul Journal Entry Accounts Debit Credit 2. How much must Kelvin pay back at maturity? When is the maturity date? At maturity, Kelvin must pay back $ The maturity date is 3. How much cash interest will Kelvin pay each six months? Kelvin will pay interest of $ each six months. 4. 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, 2018, and payment of interest on January 1, 2019. of interest expense each six months. Kelvin will report $ Journalize the entry for accrual of interest and amortization of discount on December 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Dec 31 Journal Entry Accounts Debit Credit Journalize the entry for the payment of interest on January 1, 2019. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Jan Accounts Debit Credit