Metlock Co. is building a new hockey arena at a cost of $2,510,000. It received a downpayment of $490,000 from local businesses to support the project, and now needs to borrow $2,020,000 to complete the project. It therefore decides to issue $2,020,000 of 10%, 10- year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1 . The bonds yield 9%. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2016 Cash 2149635 Bonds Payable 2020000 Premium on Bonds Payable 129635 Prepare a bond amortization schedule up to and including January 1, 2020, using the effective interest method. (Round answers to o decimal places, e.g. 38,548.) Cash Paid Interest Expensee Premium Amortization Carrying Amount of Bonds Date 2149635 202000 193467 8533 2141102 202000 192699 9301 2131801 202000 191862 10138 2121663 1/1/20 202000 190950 11050 2110613 Your answer is partially correct. Try again. Assume that on July 1, 2019, Metlock Co. redeems half of the bonds at a cost of $1,079,300 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers 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.) Date Account Titles and Explanation Debit Credit July 1, 2019 Interest Expense Premium on Bonds Payable Cash 50500 (To record interest) July 1, 2019 Bonds Payable 1010000 Premium on Bonds Payable Loss on Redemption of Bonds Cash 1079300 To record reacquisition)