On January 1, 2017, Flint Corporation issued $1,790,000 face value, 7%, 10-year bonds at $1,560,248. This price resulted in an effective-interest rate of 9% on the bonds. Flint uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 Cash 1419825 Bonds Payable 140422 Premium on Bonds Payable 1560248 eTextbook and Media List of Accounts * Your answer is incorrect. Prepare an amortization table through December 31, 2019 (three interest periods) for this bond issue. (Round answers to decimal places, e.g. 125.) FLINT CORP. Bond Discount Amortization Effective-Interest Method-Annual Interest Payments Interest Expense to Be Discount Unamortized Recorded Amortization Discount Annual Interest Periods Interest to Be Paid Bond Carrying Value Issue $ 210000 $ 193248 16752 $ 204051 date 210000 192243 17757 186294 210000 191178 18822 167472 3 210000 190048 19952 147520 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2017. (Round answers to 0 decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 Interest Expense 161039 Premium on Bonds Payable 13961 Interest Payable 175000 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry to record the payment of interest on January 1, 2018. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Interest Payable 175000 Cash 175000 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2018. (Round answers to 0 decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 Interest Expense 160202 Premium on Bonds Payable 14798 Interest Payable 175000 e Textbook and Media