On January 1, 2021, Sunland Satellites issued $1,570,000, 10-year bonds. The bonds pay serni-annual interest on July 1 and January 1, and Sunland has a December 31 year end. A partial bond amortization schedule is presented below: Interest Payment Interest Expense Amortization Semi-Annual Interest Period Jan. 1. 2021 July 1, 2021 Jan. 1,2022 July 1, 2022 Jan. 1.2023 July 1, 2023 Jan. 1.2024 $3,945 4,083 [3] $[1] 47.100 47.100 47,100 47.100 47.100 $[21 51,183 51,326 51,474 51,627 51,786 Bond Amortized Cost $1,458,433 1,462,378 1,466,461 1,470,687 15] 1,479,588 1,484.274 4,527 4,686 Were the bonds issued at a premium or a discount? What is the face value of the bonds? Face value of the bonds $ What is the contractual rate of interest? % Contractual rate of interest Interest Payment Interest Expense Amortization Bon $[1] $121 $3,945 Semi- Annual Interest Period Jan. 1, 2021 July 1. 2021 Jan. 1. 2022 July 1, 2022 Jan. 1. 2023 July 1, 2023 Jan. 1. 2024 47.100 51,183 4,083 47.100 51,326 [3] 47.100 51,474 [4] [5] 47.100 51.627 4,527 47.100 51.786 4,686 terest Payment Interest Expense Amortization Bond Amortized Cost $1.458,433 $[2] $3.945 1,462,378 47,100 51,183 4.083 1,466,461 47,100 51,326 [3] 1,470,687 47.100 51,474 141 15 47.100 51,627 4,527 1.479,588 47.100 51.786 4,686 1.484274 What was the market interest rate when the bonds were issued? (Round answer to decimal places, s. 52%) Market interest rate % Record the issue of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1, 2021 (To record issuance of bonds.) Record the interest payment on July 1, 2021. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date July 1, 2021 (To record interest payment.) Record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit Date Dec. 31, 2021 (To accrue interest expense.) What amounts would be reported as current and non-current in the liabilities section of Sunland's December 31, 2021, balance sheet? SUNLAND SATELLITES Balance Sheet (Partial) $
