On January 1, 2013, Drennen, Inc., issued $4.6 million face amount of 6-year, 14% stated rate bonds when market interest rates were 12%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2022.Table 6-4,Table 6-5(Use appropriate factor from the table provided.)

rev: 07_10_2014_QC_5

b.1	Assume instead that the proceeds were $4,544,000. Use the horizontal model to record the payment of semiannual interest and the related discount amortization on June 30, 2013, assuming that the discount of $56,000 is amortized on a straight-line basis.(Enter decreases to account balances with a minus sign.)
	Balance Sheet Income Statement Assets=Liabilities+Stakeholders Equity Net Income=Revenues-Expenses ________=________+________________ _____________=______________-_____________