Need Help with Part 3 and Part 4.

P10-11 Recording Bond Issuance and Interest Payments (Straight-Line LO10-4 The following information appwes to the questions dispiayed below. Commonwealth Company Issued bonds with the following provislons FV of $1, PV of $1, FVA or $1, and PVA of ST: (Use the appropriate factors) from the tables provided.) Maturity value: $300.000 Interest: 11 percent per annum payabie annually each December 31 Terms: Bonds dated January 1 2014, due ive years from that date The annual accounting perlod ends December 31. The bonds were sold on January 1. 2014, at a 10 percent market rate. Section Break P10-11 Recording Bond Issuance and Interest Payments (Stralght-Line 0.60 points P10-11 Part 1 Required issue (sale) price of the bonds. 5 311,388 References eBook & Resources Problem Difficulty: Medium P10-11 Part 1 Learning Objective: 10-04 Report bonds payable and interest expens premium Check my work 0.60 points P10-11 Part 2 2. Prepare the journal entry to record the issuance of the bonds. (lf no entry is required for a transactionlevent, select "No journal entry required in the first account field.) Vew transaction st Vlew Journal entry worksheet No Date Debit /1January 01, 2014 Cash 311,368 Premium on bonds payable Bonds payable 11,368 300,000 value 0.60 points P10-11 Part 3 required for a transaction event, select "No journal entry required" in the first account field.) Mew transaction llst Journal entry worksheet Record the interest payment on December 31, using straight-line amortization Note: Enter debits before credits. Date General Journal Debit Credit Premium on bonds payable Record entry Clear entry iew general Journal value 0.80 points P10-11 Part 4 4-a. How much interest expense would be reported on the income statement for 2014? 3 Answer is complete but not entirely correct. Interest expense 30,837 4-b. Show how the liability related to the bonds should be reported on the December 31, 2014, balance sheet Answer is complete but not entirely correct. COMMONWEALTH COMPANY Balance Sheet (partial) At December 31, 2014 Long-term liabilities: Bonds payable 300,000 5 309,203