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eBook Show Me How Calculator Entries for Bonds Payable and Installment Note Transactions The following transactions were completed by Montague Inc., whose fiscal year is the calendar year: Year 1 Issued $3,080,000 of five year, 9% callable bonds dated July 1, Year 1, at a market (effective) rate of 10%, receiving cash of July 1. $2,961,085. Interest is payable semiannually on December 31 and June 30, Borrowed $380,000 by issuing a 10-year, 8% installment note to Intexicon Bank. The note requires annual payments of $57,631, with the first payment occurring on September 30, Year 2 Oct. 1 Dec. 31. Accrued $7,600 of interest on the installment note. The interest is payable on the date of the next installment note payment. Dec. 31. Pald the semiannual interest on the bonds. The bond discount amortization of $11,892 is combined with the semiannual interest payment Year 2 Paid the semiannual interest on the bonds. The bond discount amortization of $11,892 is combined with the semiannual interest June 30. payment. Sept. 30. Pald the annual payment on the note, which consisted of interest of $30,400 and principal of $27,231. Dec. 31. Accrued $7,055 of interest on the installment note. The interest is payable on the date of the next installment note payment. Paid the semiannual interest on the bonds. The bond discount amortization of $11,892 is combined with the semiannual interest Dec. 31. payment Year 3 671 740 ser nimant Renter the remain of the hands which wereld OR The balance in the hand dient art Year 3 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $71,349 after payment of June 30. interest and amortization of discount have been recorded. (Record the redemption only.) Sept. 30. Paid the second annual payment on the note, which consisted of interest of $28,222 and principal of $29,409. Required: 1. Journalize the entries to record the foregoing transactions. For compound transactions, if an amount box does not require an entry, leave it blank or enter "0". When required, round your answers to the nearest dollar. Date Account Debit Credit Year 1 July 1 Cash Discount on Bonds Payable Bonds Payable Notes Payable Dec. 31-Note Interest Expense Year 1 July 1 Cash Discount on Bonds Payable Bonds Payable Oct. 1 Cash Notes Payable Dec. 31-Note Interest Expense Interest Payable Dec. 31-Bond Interest Expense Discount on Bonds Payable Cash Year 2 June 30 Interest Expense June 30 Interest Expense Discount on Bonds Payable Cash Sept. 30 Dec. 31-Note Dec. 31-Bond Year 2 June 30 eBook Show Me How Calculator Year 3 June 30 Sept. 30 Interest Expense 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2. a. Year 1 $ b. Year 2 $ 3. Determine the carrying amount of the bonds as of December 31, Year 2