On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $470,000 and a coupon interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually. Your answer is partially correct. Try again. Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 5%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 490568 | Bonds Payable 490568 July 1 Bonds Payable 12264 Interest Expense 1836 Cash 14100 Dec. 31 Bonds Payable 12218 Interest Expense 1882 Interest Payable 14100 Your answer is partially correct. Try again. Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold, the market interest rate was 7%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 450457 Bonds Payable 450457 July 1 Interest Expense 15766 I Cash 14100 T Bonds Payable 1666 Dec. 31 Interest Expense 15708 | Bonds Payable 2880 Interest Payable 14100 TABLE 2: PRESENT VALUE OF AN ANNUITY OF $1 (PV = ) (n) Periods 1% 1.5% 2% 2.5% 3% 3.5% 4% 4.5% 5% 6% 7% 8% 9% 10% 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94340 0.93458 1.97040 1.95588 1.94156 1.92742 1.91347 1.899691.886091.87267 1.85941 1.83339 1.80802 2940992.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.74896 2.72325 2.67301 2.62432 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.58753 3.54595 3.46511 3.38721 4.853434.78264 4.713464.64583 4.57971 4.51505 4.45182 4.38998 4.32948 4.21236 4.10020 5.79548 5.69719 5.60143 5.508135.41719 5.32855 5.24214 5.15787 5.075694.91732 4.76654 6.72819 6.598216.47199 6.349396.23028 6.11454 6.00205 5.89270 5.78637 5.58238 5.38929 7.65168 7.48593 7.32548 7.17014 7.01969 6.87396 6.73274 6.565896.46321 6.20979 5.97130 8.56602 8.36052 8.16224 7.97087 7.786117.607697.43533 7.268797.10782 6.80169 6.51523 9.47130 9.22218 8.98259 8.75206 8.53020 8.31661 8.11090 7.91272 7.72173 7.36009 7.02358 10.36763 10.07112 9.78685 9.51421 9.252629.00155 8.76048 8.52892 8.30641 7.88687 7.49867 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 9.11858 8.863258.38384 7.94269 12.13374 11.73153 11.34837 10.98318 10.63496 10.30274 9.98565 9.68285 9.393578.85268 8.35765 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 10.2283 9 .89864 9.294988.74547 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 10.73955 10.37966 9.71225 9.10791 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 11.23402 10.83777 10.10590 9.44665 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 11.70719 11.27407 10.47726 9.76322 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 12.15999 11.6895910.82760 10.05909 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 12.59329 12.08532 11.15812 10.33560 18.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 13.00794 12.46221 11.46992 10.59401 0.92593 1.78326 2.57710 3.31213 3.99271 4.62288 5.20637 5.74664 6.24689 6.71008 7.13896 7.53608 7.90378 8.24424 8.55948 8.85137 9.12164 9.37189 9.60360 9.81815 0.91743 0.90909 1.75911 1.73554 2.53129 2.48685 3.23972 3.16987 3.88965 3.79079 4.48592 4.35526 5.03295 4.86842 5.53482 5.33493 5.99525 5.75902 6.41766 6.14457 6.80519 6.49506 7.16073 6.81369 7.48690 7.10336 7.78615 7.36669 8.060697.60608 8.31256 7.82371 8.54363 8.02155 8.75563 8.20141 8.95011 8.36492 9.12855 8.51356