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now.com/ilrn/takeAssignment/take AssignmentMain.do?invoker=&takeAssignmentSessionLocator eBook Show Me How Calculator Print Item Instructions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year

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now.com/ilrn/takeAssignment/take AssignmentMain.do?invoker=&takeAssignmentSessionLocator eBook Show Me How Calculator Print Item Instructions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year Year 1 July 1 Dec 31 Issued $75,100,000 of 20-year, 8% callable bonds dated July 1. Year 1, at a market (effective) rate of 10%, receiving cash of $62.213,861. Interest is payable semiannually on December 31 and June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment Closed the interest expense account 31 Year 2 June 30 Dec 31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment. Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment Closed the interest expense account 31 Year 3 June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $11,597,527 after payment of interest and amortization of discount have been recorded (Record the redemption only) Required: 1. Joumalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of accounties 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2 3. Determine the carrying amount of the bonds as of December 31, Year 2 Check My Work 10 more Check My Work uses remaining now.com/ilrn/takeAssignment/take AssignmentMain.do?invoker=&takeAssignmentSessionLocator eBook Show Me How Calculator Print Item Instructions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year Year 1 July 1 Dec 31 Issued $75,100,000 of 20-year, 8% callable bonds dated July 1. Year 1, at a market (effective) rate of 10%, receiving cash of $62.213,861. Interest is payable semiannually on December 31 and June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment Closed the interest expense account 31 Year 2 June 30 Dec 31 Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment. Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment Closed the interest expense account 31 Year 3 June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $11,597,527 after payment of interest and amortization of discount have been recorded (Record the redemption only) Required: 1. Joumalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of accounties 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2 3. Determine the carrying amount of the bonds as of December 31, Year 2 Check My Work 10 more Check My Work uses remaining

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