On July 1, 2017, Global Satellites Corporation issued $1,230,000 of 10-year, 6% bonds to yield a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January 1. Global has a December 31 year end. When the bonds were issued, Global received $1,325,872

Prepare an amortization table through January 1, 2019 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) GLOBAL SATELLITES CORPORATION Bond Premium Amortization Semi- annual interest periods Unamortized Premium Interest Expense to be Recorded Bond Carrying Amount Interest to be paid Premium Amortization July 1/17 Jan. 1/18 $ July 1/18 Jan. 1/19 July 1/19 Record the issue of the bonds on July 1. (Credit account titles are automatically indented when the amount is entered. Do not ing amounts to the nearest dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 2017 July 1 Prepare the adjusting entry on December 31, 2018, to accrue the interest on the bonds. (Credit account titles are automatically ir entered. Do not indent manually. Round all amounts to the nearest dollar, e.g. 5,272.) Date Account Titles and Explanation Debit Credit 2018 Dec. 31 Show the statement of financial position presentation of the liabilities at December 31, 2018. (F GLOBAL SATELLITES CORPORATION Statement of Financial Position (Partial) December 31, 2018 Current liabilities Non-current liabilities Record the payment of interest on January 1, 2019. (Credit account titles are automatically indented when the amount is entere Round all amounts to the nearest dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 2019 Jan. 1