Name: Instructor: e entries to record issuance of bonds, payment of interest, and omortizot Date: Course On July 1, 2014, Flanagin Corporation issued $2,000,000, 10%, 10-year bonds at$2,271,813. of 8% on the bonds. Flanagin uses the effective- July 1 and January 1. This price resulted in an effectivemernt ate interest method to amortize bond premium or discount. The bond pays serniannual interest (Round all computations to the nearest dollar) (a) Prepare the journal entry to record the issuance of the bonds on July 1, 2014. (b) Prepare an amortization table through December 31, 2015 (3 interest periods), for this bond issue. (c) Prepare the journal entry to record the accrual of interest and the amortization of the premium on December 31 2014. (d) Prepare the journal entry to record the payment of interest and the amortization of the premium on July 1, 2015, assuming no accrual of interest on June 30. (e) Prepare the journal entry to record the accrual of interest and the amortization of the premium on December 31, 2015 NOTE: Enter a number in cells requestin g a value; enter either a number or a formula in cells with a "?" 2014 Value (a) July1 Account Value Nalue Account Account FLANAGN CORPORATION Bond Premium Amortization Effective-Interest Method -Semiannual Interest Payments 10% Bonds issued at 8% Premium Unamortized Bond Carrying Value Interest Periods Be Paid Expense (A)-(B) (D) issue date (D)-(C)($2,000,000+D) $271,813 $2,271,83 Interest to Interest Amortization Premium Semi-annual