On February $1,2024,$ Sanyal Motor Products issued $6\%$ bonds, dated February $1,$ with a face amount of $$65$ million. Wk $3-$ Apply: Summatlve Assessment: Current and Long$-$Term Llabilitles $[$due Day $7]$ i

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On February $1,2024,$ Sanyal Motor Products Issued $6\%$ bonds, dated February $1,$ with a face amount of $$65$ million.

The bonds mature on January $31,2028($four years$).$

The market yleld for bonds of similar risk and maturity was $8\%.$

Interest is pald semlannually on July $31$ and January $31.$

Barnwell Industrles acquired $$65,000$ of the bonds as a long$-$term investment.

The fiscal years of both firms end December $31.$

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Prepare the Journal entrles to record the Issuance of the bonds by Sanyal and Bamwell's Investment on February $1,2024.$

Prepare the journal entres by both firms to record all events related to the bonds through January $31,2026.$

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1.$ PV of $$1.$ FVA of $$1.$ PVA of $$1.$ FVAD of $$1$ and PVAD of $$1)$

Complete this question by entering your answers in the tabs below.

$$

Req$3$

Req $4$ Sanyal

Req $4$ Barnwell

Prepare the journal entries by Sanyal to record all events related to the bonds through January $31,2026.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required' in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.

Vew transaction llat

VIaw joumal entry workehest $5$

Req $1$

Req $2A$

Req $3$

Req $4$ Sanyal

Req $4$ Barnwell

Prepare the journal entries by Sanyal to record all events related to the bonds through January $31,2026.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required' in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.

VIew tranasction IIat

Vaw joumal entry workehest

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[1,1,$July $31,2024,$Interest expense,$2,424,948,],[,,$Discount on bonds payable,,$474,948],[,,$Cash,,$1,950,000],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[1,2,\backslash$table$[[\backslash$table$[[$December $31.],[2024]]]],$Interest expense,,$],[,,$Discount on bonds payable,,$],[,,$Interest payable,,$],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[?,3,$January $31,2025,$Interest exmense,,$],[,,$Interest payable,,$],[,,$Discount on bonds payable,,$],[,,$Cash,,$1,950,000],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[2,,,,,],[4,$July $31,2025,$Interest expense,,$],[,,$Discount on bonds payable,,$],[,,$Cash,,$1,950,000],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[2,,,,,],[5,\backslash$table$[[\backslash$table$[[$December $31.],[2025]]]],$Interest expense,,$],[,,$Discount on bonds payable,,$],[,,$Interest payable,,$],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[,,$No journal entry required,,$],[2,,,,,],[6,$January $31,2$

The bonds mature on January $31,2028($four years$).$

The market yield for bonds of similar risk and maturity was $8\%.$

Interest is paid semiannually on July $31$ and January $31.$

Barnwell Industries acquired $$65,000$ of the bonds as a long$-$term investment.

The fiscal years of both firms end December $31.$

Required:

No Date General Journal Debit Credit

$1$ July $31,2024$ Interest expense $2,424,948$

Discount on bonds payable $474,948$

Cash $1,950,000$

No journal entry required

No journal entry required

No journal entry required

$2$ December $31,2024$ Interest expense

Discount on bonds payable

Interest payable

No journal entry required

No journal entry required

No journal entry required

$3$ January $31,2025$ Interest expense

Interest payable

Discount on bonds payable

Cash $1,950,000$

No journal entry required

No journal entry required

$4$ July $31,2025$ Interest expense

Discount on bonds payable

Cash $1,950,000$

No journal entry required

No journal entry required

No journal entry required

$5$ December $31,2025$ Interest expense

Discount on bonds payable

Interest payable

No journal entry required

No journal entry required

No journal entry required

$6$ January $31,2026$ Interest expense

Interest payable

Discount on bonds payable

Cash $1,950,000$

fill out the above thable